The latest EdTech unicorns3 min read

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The United Kingdom’s EdTech company Multiverse raised $220m in Series D funding, which increased its value to $1.7b and achieved unicorn status. Europe got its first unicorn in the educational technology industry in June 2020, which is why the new status of Multiverse, the first EdTech unicorn in the UK, is a big step for the whole region.

Multiverse is a platform that connects companies with young people willing to get an education and looking for apprenticeships in leadership, digital marketing, data analysis, business and technologies. Such apprenticeships are paid and last for 12-15 months on average. To begin studies, candidates need to have lived in the UK for the past three years, have a right to work there, and not be in the process of undertaking any other qualification during an apprenticeship. After the studies, students get a qualification of a certain level, depending on the difficulty of their apprenticeship, or a degree, if it was a long-term program. Simultaneously with practice in companies, students take online courses provided by Multiverse.

Multiverse claims it has run 8,000 apprenticeships worldwide, and 90% of students stay with their employers after graduation. The unicorn plans to use the received investment to expand its presence in the USA, where it was launched in 2021, and open up more career paths for students. In the USA, Multiverse collaborates with companies like Cisco, Google, Verizon and Box.

While Europe has only three EdTech unicorns, India has already reached the mark of 101. Indian EdTech startup PhysicsWallah became the 101st unicorn in educational technology in the state due to the funding of $100m received in Series A from such investors as Westbridge and GSV Ventures. After the investment round, the company was valued at $1.1B.

PhysicsWallah is an educational platform providing high-quality education for all students, regardless of their socioeconomic status. Due to the educational courses offered by this platform, students may improve their knowledge within school programs in various areas, including math, physics, biology and others, and get higher education without any problems. In addition, students may watch pre-recorded videos, pass tests, and attend scheduled live lectures led by the most recognized faculty in India.

It is stated that $100m funding will be used to expand the business, open additional educational centers and introduce more offerings.

Although there are more innovative ideas in the EdTech industry now than a few years ago, not all startups achieve the status of a unicorn. In the article published by Times Higher Education, it is claimed that European universities are able to influence this and boost the growth of significant EdTech players.

Universities can take an active role and start shaping the education technology space by optimizing procurement. To do this, they can start collaborating with external companies, deploying already developed technologies, without wasting time on the creation of similar solutions since the pace of development of educational technologies outstrips the speed at which universities can master new technologies. Also, universities can more actively encourage innovators within the institution. For example, initiatives such as accelerators and innovation competitions help develop local EdTech talent. These recommendations may help increase the number of EdTech unicorns with the support of educational institutions.