venture firm Educational Capital recently announced that it reached the first close of its second fund. The team has already received $105 million (€100 million) and is now seeking $160 million (€150 million) to invest in education technology startups as well as companies working on the future of work.
“We created the firm four years ago. We were the first European education technology foundation. In four years we have invested in 20 companies, mainly in Europe. We have a wide range of investments from early childhood to vocational training,” Marie-Christine Leve told me.
So far, Educapital has generated two outputs (lalilo and AppScho), and many portfolio companies have attracted additional investment. About 40% of Educapital’s portfolio companies were founded by women or co-founders.
“The Covid crisis was the catalyst – history accelerated. We saved 5 to 10 years,” Levet said.
With the help of the second Educapital fund, the team wanted to raise 100 million euros. But it was pretty easy, as they achieved that goal with the first closing of the fund. Educapital now wants to reach the fund’s ceiling of 150 million euros.
“We believe there has been a complete change. It’s harder than ever to draw the line between work, school and vocational training,” Levet said.
Educapital wants to invest in 20 more companies. A typical Educapital round is between 3 and 10 million euros, most likely in the Series A stage. Three companies have already raised funds from Educapital’s second fund − Chance, Fourth version and Invivox.
When it comes to limited partners, many of Educapital’s existing backers have chosen to invest in a second fund. These investors include Hachette Livre, Bayard, Education for the Many, etc. New investors include Éditions Francis Lefebvre, Jacobs Foundation, UMR, BNP Paribas Innovation, Arkea, Matmut and others.
In my discussion, Marie-Christine Levé also insisted that Educapital is not exclusively an education technology foundation, despite the name. Now the firm also wants to invest in “future work” startups.
Credit: techcrunch.com /