The edtech startup funding slowdown may be hitting the 'bottom of the market'
Edtech venture capital funding in 2023 may be on pace for its lowest annual total since 2016.The one exception to this edtech funding dropoff is in AI tools for education and upskilling. season already in some parts of the country, but for edtech startup funding, it may still feel like investors are still on vacation.
"There's not that many education rounds happening, that's the honest truth," said Vinny Pujji, managing partner at Left Lane Capital, an early-stage venture fund that backs consumer tech startups. That's because generalist funds that dabbled in edtech during the pandemic years are pulling back now, especially from funding startups – whose main customers are school districts, as opposed to those focused on upskilling workers, said Iynna Halilou, a former edtech founder who is now an investment partner at the MBA Fund.
Global edtech venture deals have been steadily dropping off since their pandemic highs of 2021, which coincided with venture capital'sof funding. After a tough 2022, global edtech funding in the first half of 2023 has only reached $1.8 billion, less than half of what it was at this time in 2022, which was $4.5 billion. according to a report by data firm. This puts the estimated total funding for 2023 at only $3.5 billion, the lowest annual total since 2016, according to HolonIQ.
Additionally, there has not been a single edtech"mega round," or a startup funding round valued at over $100 million since 2022, with the exception of the Indian edtech unicorn
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