Brighteye Ventures has announced the €50m close of its first fund to invest in EdTech startups across the globe.
The fund will seek to participate in Seed, Series A and B rounds and will target firms leveraging to technology to enhance learning and creativity.
Brighteye Ventures will look to lead investments in Europe and Israel and look to co-invest alongside small partners in the US.
Typically, the fund will invest between €500,000 and €3m per round in 20 companies over the next three years.
Alex Spiro, managing partner at Brighteye Venture Advisers, said: “Education is a $6tn global annual market that has so far avoided the kind of digital disruption seen in other sectors. With just 2% digital penetration there is a clear market opportunity, and in recent years we have seen an explosion in impressive new companies operating at the intersection of learning, entertainment and the creative arts. Many of these companies are seeking funding and Brighteye is ideally placed to help entrepreneurs scale quickly.”
Brighteye Venture Advisers, based in Paris, is the sole advisory to the fund. Its two partners, Spiro and Benoit Wirz, have both invested in and created EdTech firms in the past.
Wirz, investment partner at Brighteye Venture Advisers, added: “We think that EdTech’s time has come. The European market in particular is maturing. Our analysis shows that digital penetration has increased in educational institutions and at home and the number of new EdTech companies being funded annually in Europe has doubled since 2012.
“We see Brighteye as a truly operational VC, connecting portfolio companies to a network of clients, educators, advisors and investors to amplify their growth. Brighteye has already made two great investments and we’re looking forward to working alongside more of Europe’s most exciting entrepreneurs.”
Check out our UK tech investment tracker for the latest industry deals.