EdTech Unicorns 2021

An EdTech Unicorn is privately held company with a valuation exceeding $1Billion.  There are now 29 EdTech unicorn companies worldwide.  Almost all the EdTech companies are in North America and Asia.  In fact, fifteen of these companies are based in the US, seven in China and two in India.  The remaining EdTech unicorns have headquarters in Taiwan, Canada, Austria, Australia, and Israel.

A large proportion of the Asian EdTech Unicorns are companies that offer private tuition, homework, and revision support.  As the global EdTech market is expected to continue to grow, so to is the number of global EdTech Unicorns.  The Asian market is predicted to continue to expand alongside an increase in the EdTech companies from Europe and Australasia.  The recent addition of companies from Australia, Austria, and Israel (June 2021) provide proof of this. 

Several EdTech Unicorns moved on to become public companies, such as Coursera which is now listed on the NYSE following its IPO in March 2021 (which valued the company at over $7B).  Another example is Chinese EdTech firm Zhangmen which transitioned to a public company by way of an IPO in June 2021 valuing the company at $1.8B.   

The growth in the number of EdTech unicorns can be partly attributed to the impact of COVID-19.  EdTech entrepreneurs have sensed the opportunity presented by people spending an increasing amount of time online.  Platforms that help students and adults follow courses, receive tuition, and learn new skills have proliferated.  Schools and educational establishments are more likely to invest in EdTech having realised the impact of COVID-19 and the need to have systems in place should a similar situation arise again.

The global EdTech unicorn list is likely to remain lively in the coming years.  In 2021 alone, nine EdTech companies joined the list and two left the list following successful IPOs. 

AUSTRALASIA: 1 EDTECH UNICORN

 

Go1

Workplace education

Valuation: $1B

Series D

Total Funding: $83.7M

Funding Rounds: ­­­­­­­8

Number of Investors: 19

Headquarters: Brisbane, Australia

Website: http://www.go1.com/

EUROPE: 1 EDTECH UNICORN

 

GoStudent

Online tuition

Valuation: $1.7B

Series C

Total Funding: 345.4 $M

Funding Rounds: ­­­­­­­7

Number of Investors: 11

Headquarters: Vienna, Austria

Website: https://gostudent.org/

NORTH AMERICA: 16 EDTECH UNICORNS

 

Articulate

Workplace education

Valuation: $3.75B

Series A

Total Funding: $1.5B

Funding Rounds: 1

Number of Investors: 3

Headquarters: New York, USA

Website: http://www.articulate.com/

Udacity

Technology courses

Valuation: $1.1B

Secondary Market

Total Funding: $235M

Funding Rounds: 6

Number of Investors: 13

Headquarters: California, USA

Website: https://www.udacity.com/

Duolingo

Language learning

Valuation: $2.4B

Venture

Total Funding: $183.3M

Funding Rounds: 9

Number of Investors: 13

Headquarters: Pennsylvania, USA

Website: https://www.duolingo.com/

ApplyBoard

Student recruitment

Valuation: $1.4B

Series C

Total Funding: $178.3M

Funding Rounds: 9

Number of Investors: 23

Headquarters: Ontario, Canada

Website: https://www.applyboard.com/

Age of Learning

Learning platform/apps

Valuation: $1.0B

Series A

Total Funding: $181.5M

Funding Rounds: 3

Number of Investors: 3

Headquarters: California, United States

Website: https://www.ageoflearning.com/

Guild Education

Adult education

Valuation: Over $1.0B

Series D

Total Funding: $228.5M

Funding Rounds: 6

Number of Investors: 22

Headquarters: Colorado, United States

Website: https://www.guildeducation.com/

Quora

Q&A Online learning

Valuation: $2B

Series D

Total Funding: $226M

Funding Rounds: 4

Number of Investors: 15

Headquarters: California, United States

Website: https://www.quora.com/

CourseHero

Online learning – Tertiary

Valuation: $1.1B

Series B

Total Funding: $97.4M

Funding Rounds: 8

Number of Investors: 26

Headquarters: California, United States

Website: https://www.coursehero.com/

Udemy

Online courses

Valuation: $3.3B

Secondary Market

Total Funding: $296.5M

Funding Rounds: 13

Number of Investors: 26

Headquarters: California, United States

Website: https://www.udemy.com/

Kajabi

Educational Content Management System

Valuation: $2B

Private Equity

Total Funding: $550M

Funding Rounds: 2

Number of Investors: 6

Headquarters: California, United States

Website: https://kajabi.com/

Degreed

Career upskilling

Valuation: $1.4B

Series D

Total Funding: $390.2M

Funding Rounds: 15

Number of Investors: 19

Headquarters: California, United States

Website: https://degreed.com/

Outschool

Online learning

Valuation: $1.3B

Series C

Total Funding: $130 M

Funding Rounds: 5

Number of Investors: 13

Headquarters: California, United States

Website: https://outschool.com/

Newsela

Online learning

Valuation: $1B

Series D

Total Funding: $172.2M

Funding Rounds: 6

Number of Investors: 24

Headquarters: New York, United States

Website: https://newsela.com/

Quizlet

Online learning

Valuation: $1B

Series C

Total Funding: $62M

Funding Rounds:3

Number of Investors: 7

Headquarters: California, United States

Website: https://quizlet.com/en-gb

Masterclass

Online learning

Valuation: $2.75B

Series F

Total Funding: $461.4M

Funding Rounds: 7

Number of Investors: 33

Headquarters: California, United States

Website: https://www.masterclass.com/

Handshake

Online learning

Valuation: $1.5B

Series E

Total Funding: $234M

Funding Rounds: 6

Number of Investors: 19

Headquarters: California, United States

Website: https://joinhandshake.com/

ASIA: 11 EDTECH UNICORNS

 

VIPKid

Online learning

Valuation: $4.5B

Series E

Total Funding: $1.1B

Funding Rounds: 10 ­­­­­­­

Number of Investors: 12

Headquarters: Beijing, China

Website: https://www.vipkid.com.cn/

ByJu’s

Online learning

Valuation: $13B

Series F

Total Funding: $2.3B

Funding Rounds: ­­­­­­­16

Number of Investors: 31

Headquarters: Bangalore, Karnataka, India

Website: http://www.byjus.com/

iTutorGroup

Online tuition

Valuation: $1B

Series Unknown

Total Funding: $315M

Funding Rounds: ­­­­­­­4

Number of Investors: 8

Headquarters: T’ai-pei, Taiwan

Website: http://www.itutorgroup.com/

Huikeedu Group

Valuation: $1B

Series D

Total Funding: $302.2M

Funding Rounds: ­­­­­­­4

Number of Investors: 5

Headquarters: Beijing, China

Website: http://www.huikedu.com/

HuJiang

Online learning

Valuation: $1B

Series D

Total Funding: $187M

Funding Rounds: ­­­­­­­5

Number of Investors: 4

Headquarters: Shanghai, China

Website: http://www.hujiang.com/

Knowbox

Online homework support

Valuation: $1B+

Series D

Total Funding: $305.8M

Funding Rounds: ­­­­­­­6

Number of Investors: 9

Headquarters: Beijing, China

Website: http://www.knowbox.cn/

Yuanfudao

Online tuition

Valuation: $15.5B+

Series G

Total Funding: $4.1B

Funding Rounds: ­­­­­­­11

Number of Investors: 18

Headquarters: Beijing, China

Website: https://www.yuanfudao.com/

Zuoyebang

Online learning

Valuation: $10B

Series E

Total Funding: $2.9B

Funding Rounds: ­­­­­­­6

Number of Investors: 17

Headquarters: Beijing, China

Website: https://www.zybang.com/

Unacademy

Online learning

Valuation: $2B

Series Unknown

Total Funding: $398.5M

Funding Rounds: ­­­­­­­11

Number of Investors: 36

Headquarters: Bangalore, India

Website: https://unacademy.com/

Yunxuetang

Corporate Learning

Valuation: $1B

Series E

Total Funding: $389M

Funding Rounds: ­­­­­­­8

Number of Investors: 12

Headquarters: Suzhou, China

Website: http://www.yxt.com/

JoyTunes

Online learning – music

Valuation: $1B

Series C

Total Funding: $42m

Funding Rounds: ­­­­­­­5

Number of Investors: 12

Headquarters: Tel Aviv, Israel

Website: http://www.joytunes.com/