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Tongesy

Updated weekly · 5 Oct 2026

Edtech

Investors put $20.8B into edtech startups in 2021. By 2025 it was $2.6B. Now AI is changing what learning software is for, and nobody knows yet whether it makes education companies bigger or eats them. Here's the market in numbers: the money, the listed companies, how fast schools are taking up AI, and who's buying whom.

It's my home turf. Jill and I built Teach Starter for teachers from 2012 and sold it to Tes in 2023. Now Edzo buys education businesses that schools, teachers and families rely on.

Venture funding, 2025
$2.6B
−87% on 2021's $20.8B
2026 so far
$1B
H1 2026
Teachers using AI
61%
US K-12 teachers, EdWeek Research Center
Listed edtech, past year
−28%
the middle of 17 share prices

Boom and bust

Venture capital invested in edtech startups worldwide, by year, in US dollars. The totals are HolonIQ's, which counts venture rounds into education companies worldwide; other trackers draw the line differently (Brighteye's count of learning and work is two to three times bigger), but the shape is the same. The hatched bar is 2026 so far.

  • 2026: Down 26% on the first half of 2025; over 70% of the first quarter went to workforce training. HolonIQ
  • 2025: Up about 11%: the first rise since 2021, with the money going to AI and workforce training. HolonIQ
  • 2024: The lowest in a decade. HolonIQ

The listed companies

Education companies on the share market: the ones AI is lifting, the ones it's hurting, the schools and universities, China and a few from Australia. Why each is worth watching now, and what could go wrong. I don't own any of them. Not advice.

Past year
  • Kip McGrath+22%Kip McGrath ASX:KMEAustralia+22% over the past year, −6% from its high
  • Pearson+16%Pearson LSE:PSONWorkforce+16% over the past year, −7% from its high
  • TAL Education+10%TAL Education NYSE:TALChina+10% over the past year
  • New Oriental+8%New Oriental NYSE:EDUChina+8% over the past year, −10% from its high
  • McGraw Hill+7%McGraw Hill NYSE:MHSchools+7% over the past year, −30% from its high
  • Docebo−14%Docebo NASDAQ:DCBOWorkforce−14% over the past year, −16% from its high
  • Covista−16%Covista NYSE:CVSAUniversities and courses−16% over the past year, −19% from its high
  • Gaotu Techedu−22%Gaotu Techedu NYSE:GOTUChina−22% over the past year, −22% from its high
  • Grand Canyon Education−28%Grand Canyon Education NASDAQ:LOPEUniversities and courses−28% over the past year, −30% from its high
  • 3P Learning−40%3P Learning ASX:3PLAustralia−40% over the past year, −44% from its high
  • Stride−44%Stride NYSE:LRNSchools−44% over the past year, −49% from its high
  • Coursera−50%Coursera NYSE:COURUniversities and courses−50% over the past year, −52% from its high
  • Chegg−51%Chegg NYSE:CHGGHomework and tutoring−51% over the past year, −54% from its high
  • Duolingo−54%Duolingo NASDAQ:DUOLLearning apps−54% over the past year, −58% from its high
  • Skillsoft−63%Skillsoft NYSE:SKILWorkforce−63% over the past year, −69% from its high
  • Nerdy−64%Nerdy NYSE:NRDYHomework and tutoring−64% over the past year, −68% from its high
  • IDP Education−68%IDP Education ASX:IELAustralia−68% over the past year, −69% from its high

Share price change, in each company's own currency. 17 companies; hover for more.

  • Duolingo

    NASDAQ:DUOL · Learning apps

    −54% 1Y

    Gamified mobile app for learning languages (plus maths, music and chess) that is free to use and makes money from paid subscriptions.

    In Q2 2026 (reported 5 August 2026) daily active users jumped 23% to 58.7 million, but bookings grew only 8% to US$289.1M because management is deliberately putting user growth ahead of squeezing more money from users.

    Risk: If free AI chatbots become good-enough conversation partners, fewer learners may pay for subscriptions, and bookings growth is already lagging user growth.

    Duolingo Q2 2026 shareholder letter

  • Chegg

    NYSE:CHGG · Homework and tutoring

    −51% 1Y

    Subscription homework-help and study service for university students that is now pivoting to skills and language training.

    Q2 2026 revenue (reported 6 August 2026) halved to US$51.8M, down 51% on a year earlier, with the CEO saying 'AI created real headwinds for this company' and guiding Q3 revenue lower again to US$43-44M.

    Risk: The shares trade below US$1 and the NYSE sent a non-compliance notice on 24 July 2026, so a reverse split or eventual delisting is possible.

    Chegg Q2 2026 earnings release

  • Nerdy

    NYSE:NRDY · Homework and tutoring

    −64% 1Y

    Runs Varsity Tutors, an online marketplace for live one-on-one and small-group tutoring with AI tools built in.

    On 6 August 2026 it reported Q2 revenue down 4% to US$43.3M, said it is shutting its Varsity Tutors for Schools business, and cut full-year revenue guidance to US$168-175M from US$180-190M.

    Risk: Still loss-making with active members shrinking 5% to 29,100, and cheap AI tutors could undercut paid human tutoring.

    Nerdy Q2 2026 results release via Yahoo Finance

  • Covista

    NYSE:CVSA · Universities and courses

    −16% 1Y

    Owns US healthcare-focused universities such as Chamberlain (nursing) and Walden. It was renamed from Adtalem Global Education in February 2026, when its ticker changed from ATGE to CVSA.

    Fiscal 2026 results (reported 6 August 2026) showed enrolment up 8.4% to 99,472, its 12th straight quarter of growth, and revenue up 9.3% to US$1.954B; it guided to US$2.05-2.09B in fiscal 2027.

    Risk: Most revenue depends on US federal student loans and grants, so changes to loan limits or accountability rules could quickly dent enrolments.

    Covista fiscal 2026 results release

  • Grand Canyon Education

    NASDAQ:LOPE · Universities and courses

    −28% 1Y

    Provides enrolment, marketing, technology and back-office services to Grand Canyon University and other partner universities in exchange for a share of tuition.

    Q2 2026 service revenue (reported 30 July 2026) rose 6.7% to US$264M as partner enrolments grew 7.6%, including 7.8% more Grand Canyon University online students.

    Risk: It leans heavily on a single partner university and on US federal student aid, so any regulatory tightening hits it directly.

    Grand Canyon Education Q2 2026 results release

  • Coursera

    NYSE:COUR · Universities and courses

    −50% 1Y

    Online platform for university courses, certificates and degrees that took over rival Udemy in an all-stock merger in May 2026.

    Its first quarter combined with Udemy (Q2 2026, reported 29 July 2026) lifted revenue 60% to US$298.6M, with full-year guidance of US$1.22-1.245B, at least US$85M of net synergies targeted by end-2026 and a US$100M investment in Andrew Ng's AI-native start-up LearnVector.

    Risk: The GAAP net loss widened to US$80.4M in the quarter, and merging two platforms at a time when AI makes generic course content cheap could squeeze pricing.

    Coursera Q2 2026 results release

  • McGraw Hill

    NYSE:MH · Schools

    +7% 1Y

    Textbook and digital courseware publisher for US schools and universities (ALEKS, Connect) that relisted on the NYSE in 2025.

    Fiscal Q1 2027 results (13 August 2026) showed revenue up 2.6% to US$549.9M, recurring digital revenue up 9.8% to 77% of the total, and 7.5 million active users across eight AI learning tools.

    Risk: Net debt is still 3.2 times EBITDA and K-12 sales swing with state textbook-adoption cycles.

    McGraw Hill fiscal Q1 2027 results release

  • Stride

    NYSE:LRN · Schools

    −44% 1Y

    Runs state-funded online public schools (formerly known as K12) and career-training programs for US school students.

    Fiscal 2026 results (reported 4 August 2026) showed revenue up 4.7% to US$2.52B, driven by career learning revenue up 15% to US$1.10B, while general education revenue fell 2.1%.

    Risk: Revenue depends on state per-pupil funding and enrolment numbers, and general-education enrolments are already slipping.

    Stride Q4 and full-year fiscal 2026 results

  • Pearson

    LSE:PSON · Workforce

    +16% 1Y

    London-listed education group covering testing and certification (Pearson VUE), virtual schools, university courseware, English learning and workforce skills.

    Half-year results on 31 July 2026 showed underlying revenue up 4%, adjusted operating profit up 14% to £276M, and a new contract to run a leading AI lab's global certification programme.

    Risk: US student-assessment work is shrinking after the loss of the New Jersey contract, and English Language Learning revenue fell 3%.

    Pearson 2026 interim results press release

  • Docebo

    NASDAQ:DCBO · Workforce

    −14% 1Y

    Canadian cloud learning platform that companies use to train employees, customers and partners (also listed on the TSX).

    Q2 2026 results (7 August 2026) showed revenue up 13% to US$68.7M and it raised full-year revenue guidance again, to US$274.5-276.5M, after a US$70M share buyback offer at US$20.40 announced on 17 July 2026.

    Risk: Annual recurring revenue grew only 9.5% to US$255.1M, and AI tools that let companies generate training content themselves could squeeze what they will pay for learning software.

    Docebo Q2 2026 results release

  • Skillsoft

    NYSE:SKIL · Workforce

    −63% 1Y

    Corporate e-learning library and AI coaching platform (CAISY) sold to large employers.

    On 9 September 2026 it reported fiscal Q2 2027 revenue down 3% to US$98.2M and cut full-year revenue guidance to US$380-390M from US$388-406M, after selling its Global Knowledge unit in July 2026.

    Risk: Revenue is shrinking and it is still loss-making (Q2 net loss of US$15.0M), and generative AI makes off-the-shelf course libraries easier to copy.

    Skillsoft fiscal Q2 2027 results release

  • TAL Education

    NYSE:TAL · China

    +10% 1Y

    Chinese learning-services company offering enrichment classes, online learning content and AI learning tablets.

    Fiscal Q1 2027 results (30 July 2026) showed revenue up 31.9% to US$758.4M, and operating income jumped to US$137.2M from US$14.3M a year earlier.

    Risk: Chinese tutoring regulation could tighten again, and its learning-tablet business faces heavy competition and rising memory-chip costs.

    TAL Education fiscal Q1 2027 results

  • New Oriental

    NYSE:EDU · China

    +8% 1Y

    China's biggest private education company, offering test prep, study-abroad consulting, non-academic tutoring and an online learning platform.

    Fiscal 2026 results (29 July 2026) showed revenue up 15.5% to US$5.66B. It guided to 14-18% growth in fiscal 2027 and announced a US$300M dividend and a US$200M buyback.

    Risk: Beijing reshaped the whole sector overnight in 2021 and could do it again, and US-listed Chinese shares carry geopolitical and delisting risk.

    New Oriental Q4 and fiscal 2026 results via PR Newswire

  • Gaotu Techedu

    NYSE:GOTU · China

    −22% 1Y

    Beijing-based provider of live online classes and learning services for students and adults.

    Q2 2026 results (27 August 2026) showed revenue up 20.2% to RMB1.67B and a net loss that narrowed to RMB135.8M. It credits AI with cutting operating expenses by 7.9 percentage points of revenue and guides to 16-18% growth in Q3.

    Risk: It is still loss-making, and like its peers it is exposed to sudden Chinese education regulation and US-China listing tensions.

    Gaotu Techedu Q2 2026 results via PR Newswire

  • Kip McGrath

    ASX:KME · Australia

    +22% 1Y

    Franchised tutoring network of 431 centres in Australia, the UK and New Zealand, offering in-centre and online literacy and numeracy tutoring.

    In FY26 (year to 30 June 2026) it closed its US operations and returned to profit, although revenue fell 4.3% to A$30.1M.

    Risk: It is a microcap with a market value of roughly A$38M, and AI tutors could compete with paid human tutoring on price.

    TipRanks summary of Kip McGrath FY26 results

  • 3P Learning

    ASX:3PL · Australia

    −40% 1Y

    Sydney-based maker of the Mathletics, Reading Eggs and Mathseeds online learning programs, sold to schools and families.

    FY26 results (25 August 2026) showed underlying EBITDA up 26% to A$19.5M on revenue of A$112.9M and its first dividend in 11 years, even though school (B2B) revenue fell 8%.

    Risk: School customers in the Asia-Pacific region are churning, and families are pulling back on screen time and spending.

    3P Learning FY26 earnings call highlights via Yahoo Finance

  • IDP Education

    ASX:IEL · Australia

    −68% 1Y

    Australian company that co-owns the IELTS English test and runs a student-placement business recruiting international students to universities in Australia, the UK, Canada and the US.

    FY26 results (20 August 2026) showed revenue down 9% to A$795.4M and student placements down 27%. FY27 adjusted EBIT guidance of A$95-115M assumes market volumes fall another 20-30%.

    Risk: Student-visa caps and fee rises in all four main destination countries are policy decisions IDP cannot control.

    IDP Education FY26 results

Gone from the market

Listed edtech companies that have been bought, taken private or gone bust since 2023.

  • UdemyMerged into Coursera in an all-stock deal (0.8 Coursera shares per Udemy share), giving the combined company an equity value of about US$2.5B. Udemy was delisted from Nasdaq. May 2026, Let's Data Science
  • Vasta Platform$80MBrazilian K-12 platform whose majority owner Cogna bought out minority shareholders at US$5 a share (about US$78M). It delisted from Nasdaq in January 2026. Dec 2025, MarketScreener
  • Instructure (Canvas)$4.8BTaken private by KKR, with Dragoneer, at US$23.60 a share in an all-cash deal (enterprise value about US$4.8B), then delisted from the NYSE. Nov 2024, Utah Business
  • PowerSchool$5.6BTaken private by Bain Capital at US$22.80 a share (enterprise value about US$5.6B), then delisted from the NYSE. Oct 2024, PowerSchool
  • 2U (edX owner)Filed for Chapter 11 in July 2024 and came out as a private company. About US$527M of unsecured notes were swapped for equity, and existing shares were cancelled and delisted from Nasdaq. Sept 2024, Higher Ed Dive
  • Keypath Education$120MASX-listed online program manager taken private by Sterling Partners at A$0.87 a share (about A$187M, roughly US$0.12B) and delisted from the ASX. Sept 2024, Delisted.com.au
  • Kahoot!$1.7BTaken private by a consortium led by Goldman Sachs Asset Management (with General Atlantic and the Lego family's KIRKBI) for about US$1.72B in cash, then delisted from the Oslo Stock Exchange. Jan 2024, Wikipedia
  • Arco Platform$1.5BBrazilian K-12 school-software company taken private by General Atlantic and Dragoneer at US$14 a share (about US$1.5B enterprise value), then delisted from Nasdaq. Dec 2023, LatinFinance

AI in the classroom

The share of teachers using AI for their work, and of students using it for school or study, from surveys in several countries. Each dot is placed at when the survey was taken (the middle of the year where only the year is known). They asked different people different questions, so compare a line with itself rather than with the others. Hover a dot for who was asked.

  • Teachers
  • Students
  • the same question, asked again
  • asked once
All 28 readings as a table
When Who was asked Share Survey
June 2026Educators in K-12 and higher ed in US, UK, Australia, Brazil, Japan, Saudi Arabia: have used AI for school-related purposes88% Microsoft (PSB Insights)
June 2026Students in K-12 and higher ed in US, UK, Australia, Brazil, Japan, Saudi Arabia: have used AI for school-related purposes92% Microsoft (PSB Insights)
June 2026University faculty, 35 countries: use AI in their teaching77% Digital Education Council
June 2026University students, 35 countries: use AI in their learning88% Digital Education Council
Feb 2026Australian children 10–17: have used an AI assistant (any purpose, not only school)78% eSafety Commissioner (Australian Government)
Dec 2025UK full-time undergraduates: have used generative AI to help with assessments94% HEPI and Kortext (Savanta poll)
Dec 2025UK full-time undergraduates: use any AI tool95% HEPI and Kortext (Savanta poll)
Oct 2025US teens 13–17: have used AI chatbots for help with schoolwork54% Pew Research Center
July 2025US K-12 teachers: use AI in their work (a little, some or a lot)61% EdWeek Research Center
May 2025US high school students: use generative AI tools for schoolwork84% College Board
Apr 2025US K-12 ELA, maths and science teachers: use AI tools for instructional planning or teaching53% RAND Corporation (American Teacher Panel)
Apr 2025US K-12 public school teachers: used AI tools for work in the 2024–25 school year60% Gallup and Walton Family Foundation
Jan 2025University faculty, 28 countries: have used AI in their teaching61% Digital Education Council
Jan 2025US middle and high school students: use AI to help with schoolwork54% RAND Corporation (American Youth Panel)
Jan 2025US high school students: use generative AI tools for schoolwork79% College Board
Dec 2024UK full-time undergraduates: have used generative AI to help with assessments88% HEPI and Kortext (Savanta poll)
Dec 2024UK full-time undergraduates: use any AI tool92% HEPI and Kortext (Savanta poll)
Aug 2024University students, 16 countries: use AI in their studies86% Digital Education Council
July 2024US K-12 teachers: use AI in their work (a little, some or a lot)32% EdWeek Research Center
July 2024Australian lower secondary teachers: used AI in their work in the past year66% OECD (TALIS 2024)
July 2024Lower secondary teachers, OECD average: used AI in their work in the past year36% OECD (TALIS 2024)
July 2024US teens 13–17: have used ChatGPT for schoolwork26% Pew Research Center
Mar 2024US K-12 ELA, maths and science teachers: use AI tools for instructional planning or teaching25% RAND Corporation (American Teacher Panel)
Feb 2024UK full-time undergraduates: have used generative AI to help with assessments53% HEPI and Kortext (Savanta poll)
Feb 2024UK full-time undergraduates: use any AI tool66% HEPI and Kortext (Savanta poll)
Oct 2023US K-12 public school teachers: use AI tools for teaching18% RAND Corporation (American Teacher Panel)
July 2023US K-12 teachers: use AI in their work (a little, some or a lot)34% EdWeek Research Center
July 2023US teens 13–17: have used ChatGPT for schoolwork13% Pew Research Center

The AI labs go to school

OpenAI, Google, Anthropic and Microsoft are giving their models to students and teachers, often free. Every move here is one an edtech company has to compete with.

  1. 28 Aug 2026 · Anthropic

    Anthropic opened Claude for Teachers to whole schools and districts, free for a year for those signing up by 30 June 2027. Unite.AI

  2. 26 Aug 2026 · OpenAI

    OpenAI added 55 US school systems to ChatGPT for Teachers and extended free access to June 2028. WINS Solutions

  3. 4 Aug 2026 · OpenAI

    OpenAI released education plugins for ChatGPT Work and Codex for K-12 teachers, college educators and college students. OpenAI

  4. 14 July 2026 · Anthropic

    Anthropic launched Claude for Teachers, free premium Claude for verified US K-12 teachers with teaching skills and standards-aligned curricula. Anthropic

  5. 24 June 2026 · Microsoft

    Microsoft released its 2026 AI in Education Report and a new wave of AI teaching and learning tools at no extra cost to schools. Microsoft

  6. 23 Feb 2026 · Google and ISTE+ASCD

    Google and ISTE+ASCD began a three-year program to offer free AI literacy training to six million US teachers and faculty. ISTE+ASCD

  7. 11 Dec 2025 · xAI

    xAI and the government of El Salvador announced a plan to put Grok in more than 5,000 public schools for over a million students within two years. xAI

  8. 19 Nov 2025 · OpenAI

    OpenAI launched ChatGPT for Teachers, a free workspace for verified US K-12 educators and their districts. OpenAI

  9. 15 Oct 2025 · Microsoft

    Microsoft added a Teach module for educators and a Study and Learn agent for students to Microsoft 365 Copilot, and priced an education Copilot licence at US$18 a month for users 13 and up. Microsoft Education blog

  10. 23 Sept 2025 · NSW Department of Education

    NSW announced its state-built NSWEduChat would open to all public school students from Year 5 up from Term 4 2025. InnovationAus

11 earlier, back to 2023

  1. 15 Sept 2025 · South Australia Department for Education

    South Australia announced EdChat would go to every public high school student from Term 4 2025, the first Australian state to do so. InnovationAus

  2. 6 Aug 2025 · Google

    Google launched Guided Learning in Gemini, gave college students a free year of Google AI Pro and committed $1bn to AI education in the US. Google blog

  3. 29 July 2025 · OpenAI

    OpenAI added study mode to ChatGPT, which walks students through problems step by step instead of handing over answers. TechCrunch

  4. 8 July 2025 · AFT, Microsoft, OpenAI, Anthropic

    The American Federation of Teachers launched a $23m National Academy for AI Instruction funded by Microsoft, OpenAI and Anthropic. AFT

  5. 30 June 2025 · Google

    Google launched Gemini for Education and made Gemini in Classroom free across all Google Workspace for Education editions. Google blog

  6. 23 Apr 2025 · White House

    President Trump signed an executive order on AI education for American youth, creating a White House AI education task force and a Presidential AI Challenge. The White House

  7. 2 Apr 2025 · Anthropic

    Anthropic launched Claude for Education for universities, including a Learning mode that guides students' reasoning instead of giving answers. Anthropic

  8. 13 Feb 2025 · South Australia Department for Education

    South Australia rolled out EdChat, its AI chatbot built with Microsoft, to all public school teachers after a trial with 10,000+ students. SA Department for Education

  9. 30 May 2024 · OpenAI

    OpenAI launched ChatGPT Edu, a GPT-4o-powered version of ChatGPT for universities to roll out to students, faculty and staff. OpenAI

  10. 1 Dec 2023 · Australian Education Ministers

    The Australian Framework for Generative AI in Schools was published, after ministers approved it on 5 October 2023, to apply from Term 1 2024. Australian Government Department of Education

  11. 14 Mar 2023 · Khan Academy

    Khan Academy unveiled Khanmigo, a GPT-4-powered tutor and teaching assistant, in a pilot with partner school districts. Khan Academy blog

Who's buying whom

Education businesses bought, taken private, merged or listed, and the biggest funding rounds, since 2024. With venture money scarce, a lot of edtech now changes hands this way. It's the part of the market Edzo is in.

Disclosed value by year

Of the deals below, so it shows the big ones, not the whole market. Undisclosed deals aren't in it.

  • Bought, merged or listed
  • Funding rounds
  • 2024$15B2024 · 6 deals with a priceBought, merged or listed$14.5BFunding rounds$100M
  • 2025$17B2025 · 12 deals with a priceBought, merged or listed$16.8BFunding rounds$600M
  • 2026$600Mso far2026 · 7 deals with a priceBought, merged or listed$200MFunding rounds$400M

  • Workera ← Pearson

    undisclosed

    Pearson agreed to buy the AI skills-assessment platform (customers include Accenture and ServiceNow) for its enterprise learning unit; terms undisclosed, close expected H2 2026.

    Acquisition · Sept 2026 · US · announced · Stock Titan (Pearson release)

  • TeachFX ← McGraw Hill

    undisclosed

    McGraw Hill's second AI tuck-in in a month: a voice-analysis tool that gives teachers feedback on their lessons; terms undisclosed.

    Acquisition · Sept 2026 · US · announced · EdWeek Market Brief

  • Unacademy ← upGrad

    $206M

    An all-share takeover valuing the former $3.4bn unicorn at about $206m, roughly 94% below its 2021 peak.

    Acquisition · Sept 2026 · India · completed · The PIE News

  • Teachally ← McGraw Hill

    undisclosed

    McGraw Hill bought an AI platform that lets teachers adapt, localise and translate standards-aligned materials; terms undisclosed.

    Acquisition · Sept 2026 · US · completed · EdWeek Market Brief

  • Wayside Publishing ← Imagine Learning

    undisclosed

    The K-12 curriculum company moved into world languages, buying Wayside and its Nualang AI language companion; terms undisclosed.

    Acquisition · Aug 2026 · US · completed · Imagine Learning

  • Kip McGrath ← Crimson Education

    $25M

    Hostile A$0.73-a-share cash bid (about A$38m, roughly US$25m, a 62% premium); holders of ~51% have backed it against board opposition, and the offer runs to 14 October 2026.

    Acquisition · July 2026 · Australia · announced · ShareCafe

  • ACT ← ETS

    undisclosed

    The SAT-era testing nonprofit agreed to buy rival ACT, putting two of the biggest US assessment brands under one owner; terms undisclosed.

    Acquisition · June 2026 · US · announced · EdWeek Market Brief

  • GPTZero ← Superhuman (formerly Grammarly)

    undisclosed

    Grammarly's parent bought the AI-writing detector, which had about 19m users and roughly $30m ARR; terms undisclosed.

    Acquisition · June 2026 · US · completed · BetaKit

  • BibliU ← BlackRock and others

    $55M

    Campus store and digital course-materials company for US universities; more than $55M from BlackRock, Stonehage Fleming and others.

    Funding round · June 2026 · UK · completed · FinSMEs

  • Multiverse ← Schroders Capital

    $70M

    Euan Blair's apprenticeship and AI-skills company raised $70m at a $2.1bn valuation to expand in Europe.

    Funding round · May 2026 · UK · completed · Tech.eu

  • Udemy ← Coursera

    undisclosed

    All-stock combination (0.8 Coursera shares per Udemy share, ~$2.5bn implied combined equity value at announcement on 17 Dec 2025, $115m targeted cost synergies); Udemy added $103.8m to Coursera's Q2 2026 revenue of $298.6m.

    Merger · May 2026 · US · completed · Coursera Q2 2026 results (SEC)

  • Zum ← TPG's Rise Funds

    $100M

    US student-transport platform (routing, dispatch, school buses); strategic investment from TPG's Rise Funds at a $1.7B valuation.

    Funding round · Apr 2026 · US · completed · Tech Startups

29 earlier deals, back to 2024

  • Minga ← Riverwood Capital

    $65M

    K-12 software for student behaviour, hall passes and campus operations; growth investment led by Riverwood Capital.

    Funding round · Mar 2026 · US · completed · Riverwood Capital

  • Preply ← WestCap

    $150M

    The online language-tutoring marketplace raised a $150m Series D at a $1.2bn valuation to build out AI tools for its human tutors.

    Funding round · Jan 2026 · Ukraine · completed · Scroll.media

  • PhysicsWallah

    $390M

    India's low-cost test-prep company raised ₹3,480 crore (roughly US$0.39bn) at about a US$3.2bn valuation and closed day one up 42%.

    Listing · Nov 2025 · India · completed · Business Standard

  • Sana Labs ← Workday

    $1.1B

    Workday bought the Swedish AI learning and knowledge-agent startup, announced at about $1.1bn in September 2025.

    Acquisition · Nov 2025 · Sweden · completed · Workday

  • Chegg ← Bidders (undisclosed)

    undisclosed

    After weighing sale and go-private offers, Chegg's board chose to stay independent and cut 45% of staff, blaming AI and lower Google traffic.

    Taken private · Oct 2025 · US · cancelled · Chegg 8-K

  • University of Phoenix

    $136M

    The University of Phoenix owner listed on the NYSE at $32; selling shareholders raised $136m at about a $1.14bn valuation, and the shares rose about 19% on day one to roughly $1.35bn.

    Listing · Oct 2025 · US · completed · FinancialContent MarketMinute

  • Evan-Moor Educational Publishers ← IXL Learning

    undisclosed

    IXL added the PreK-8 workbook publisher's 350+ titles, a year after buying Carson Dellosa; terms undisclosed.

    Acquisition · Oct 2025 · US · completed · PR Newswire

  • Anthology (Blackboard)

    undisclosed

    Blackboard's parent filed for Chapter 11 and sold off its enterprise and student-success units, while the Teaching & Learning business reorganised under the Blackboard name.

    Bankruptcy · Sept 2025 · US · completed · EdWeek Market Brief

  • EdSights ← JMI Equity

    $80M

    New York AI and SMS student-engagement platform that helps colleges with retention; growth investment led by JMI Equity.

    Funding round · Sept 2025 · US · completed · The SaaS News

  • Lingokids ← BullhoundCapital

    $120M

    Spanish learning app for children aged 2 to 8; equity plus go-to-market financing led by BullhoundCapital and General Catalyst's Customer Value Fund.

    Funding round · Sept 2025 · Spain · completed · BullhoundCapital

  • McGraw Hill

    $415M

    The textbook and digital-courseware publisher priced 24.39m shares at $17 on the NYSE (ticker MH), raising about $415m gross ($386m net) to pay down term-loan debt.

    Listing · July 2025 · US · completed · Investing.com

  • eDynamic Learning ← Pearson

    $230M

    Pearson paid £168m cash (roughly US$0.23bn) for the K-12 career and technical education curriculum provider serving 885,000 students.

    Acquisition · July 2025 · US · completed · Pearson 20-F

  • Stile Education ← Curriculum Associates

    undisclosed

    The i-Ready maker bought Melbourne-based Stile's science curriculum to add science to its US maths and ELA lineup; terms undisclosed.

    Acquisition · July 2025 · Australia · completed · The Assignment Report

  • MyTutor ← IXL Learning

    undisclosed

    IXL's first overseas purchase: the UK online tutoring platform used by 200,000+ families and 40% of UK secondary schools; terms undisclosed.

    Acquisition · May 2025 · UK · completed · EdWeek Market Brief

  • Amboss ← KIRKBI, M&G and Lightrock

    $260M

    Berlin-based medical education and clinical knowledge platform; raised EUR 240M (nearly US$260M), led by new investors KIRKBI, M&G Investments and Lightrock. This was the largest edtech round of 2025.

    Funding round · Mar 2025 · Germany · completed · Crunchbase News

  • Nord Anglia Education ← An EQT-led consortium

    $15B

    The international private-school group (80+ schools, 33 countries) changed hands at a $14.5bn enterprise value, the biggest education deal of the period.

    Acquisition · Mar 2025 · UK · completed · PR Newswire

  • MagicSchool ← Valor Equity Partners

    $45M

    The AI teacher-assistant platform raised a $45m Series B with Bain Capital Ventures, Adobe Ventures and others.

    Funding round · Feb 2025 · US · completed · The SaaS News

  • Leap Scholar ← Apis Partners

    $65M

    Bengaluru study-abroad platform covering test prep, admissions, visas and student loans; Series E led by Apis Partners.

    Funding round · Jan 2025 · India · completed · Business Standard

  • LiteracyPlanet ← 3P Learning

    $1M

    The Mathletics and Reading Eggs owner paid A$1.2m (A$1.5m with costs, roughly US$1m) for the Sydney literacy program, which added A$2.2m of ARR; under 1x revenue and booked as a bargain purchase.

    Acquisition · Jan 2025 · Australia · completed · 3P Learning annual report

  • Speak ← Accel

    $78M

    The AI English-speaking tutor app raised a $78m Series C at a $1bn valuation, double its value six months earlier.

    Funding round · Dec 2024 · US · completed · Speak

  • Instructure ← KKR and Dragoneer

    $4.8B

    KKR bought the Canvas LMS maker from Thoma Bravo and public holders at $23.60 a share; KPMG put the deal at about 7.9x LTM revenue and 22.9x LTM EBITDA.

    Taken private · Nov 2024 · US · completed · Private Equity Wire

  • PowerSchool ← Bain Capital

    $5.6B

    Bain took the K-12 student-information-system leader private at $22.80 a share; KPMG put it at about 7.5x LTM revenue and 37.7x LTM EBITDA.

    Taken private · Oct 2024 · US · completed · PowerSchool

  • 2U

    undisclosed

    The online-degree company emerged from a prepackaged Chapter 11 as a private company after converting about $527m of debt to equity.

    Bankruptcy · Sept 2024 · US · completed · Higher Ed Dive

  • Transact Campus ← Roper Technologies

    $1.6B

    Roper bought the campus ID and payments software provider for $1.607bn net and folded it into its CBORD business.

    Acquisition · Aug 2024 · US · completed · Roper Technologies 10-Q

  • Pluralsight ← Its lenders, led by Blue Owl and Ares

    undisclosed

    Vista handed the tech-skills platform to its lenders in an out-of-court debt-for-equity swap that cut funded debt by $1.3bn, with $250m of new capital.

    Acquisition · Aug 2024 · US · completed · Goodwin

  • Byju's

    undisclosed

    India's tribunal admitted Byju's, once the country's most valuable startup, into insolvency over unpaid cricket-sponsorship dues and appointed an interim resolution professional.

    Bankruptcy · July 2024 · India · completed · Bloomberg Law

  • Udacity ← Accenture

    undisclosed

    Accenture bought the online tech-skills school to power its new LearnVantage reskilling business, alongside a $1bn three-year learning investment; price undisclosed.

    Acquisition · May 2024 · US · completed · Accenture

  • Parchment ← Instructure

    $835M

    Canvas owner bought the academic-credential and transcript network for about $835m (about $795m net of a tax benefit).

    Acquisition · Feb 2024 · US · completed · Instructure

  • Kahoot! ← A Goldman Sachs-led consortium

    $1.7B

    The Norwegian quiz-game platform was delisted from Oslo Børs after a roughly US$1.7bn (NOK 35 a share) take-private.

    Taken private · Jan 2024 · Norway · completed · Kahoot!

Bars are scaled by the square root of the price, so the small deals still show.

Will AI grow edtech, or eat it?

The strongest facts on each side, refreshed every week.

The case it grows

  • Duolingo's daily active users grew 23% year on year to 58.7m in Q2 2026, and paid subscribers grew 17% to 12.7m; management credits AI features such as Video Call. Duolingo Q2 2026 shareholder letter, 5 Aug
  • In a Harvard randomised trial with 194 physics students, those using a pedagogy-designed AI tutor learned more than twice as much as those in an active-learning class, in less time. ETC Journal review of Kestin et al., Scientific Reports, June 2025
  • In a World Bank randomised trial in Nigeria, six weeks of teacher-supervised GPT-4 tutoring raised scores by 0.31 standard deviations, equal to 1.5-2 years of normal schooling. World Bank, Dec 2025
  • US teachers who use AI weekly save an average of 5.9 hours a week, about six weeks a school year, though only 32% use it weekly. Gallup / Walton Family Foundation, June 2025
  • McGraw Hill says AI helped lift digital revenue 8.8% to $353.5m in the quarter, and more than 7.5m people now use its eight AI learning tools. McGraw Hill, 13 Aug
  • The Gates Foundation committed $1bn over two years to AI, with about 40% (roughly $400m) for education programs such as AI tutoring. KUOW, 15 Sept

The case it eats it

  • Chegg's Q2 2026 revenue fell 51% year on year to $51.8m because lower traffic meant fewer subscribers. Chegg Q2 2026 results, 6 Aug
  • Chegg cut 388 jobs, about 45% of staff, blaming 'the new realities of AI and reduced traffic from Google to content publishers', after a sale process ended with no deal. Chegg 8-K, Oct 2025
  • Google is giving eligible college students a free year of Google AI Pro, normally $19.99 a month, with built-in study notebooks, quizzes, flashcards and SAT prep, the same jobs paid study apps do. Google, 19 Aug
  • OpenAI now automatically moves under-18 users into ChatGPT for Teens, which includes a free Study Mode tutor and nudges students who seem to be copying answers. TechCrunch, 18 Aug
  • The OECD found that general-purpose GenAI raises students' output quality without necessarily raising learning; the gain can disappear or reverse once access is removed (in one Türkiye trial, students did 17% worse). OECD Digital Education Outlook 2026, 19 Jan
  • In an MIT Media Lab EEG study of 54 people, those who wrote essays with ChatGPT showed the weakest brain connectivity and had trouble recalling what they had written. MIT Media Lab (arXiv), June 2025

Lately

The biggest developments, newest first.

  1. 29 Sept 2026

    Pearson agreed to buy Workera, an AI skills-assessment platform, for its enterprise learning unit. Stock Titan (Pearson release)

  2. 24 Sept 2026

    McGraw Hill bought TeachFX, an AI tool that gives teachers feedback on their lessons, its second AI deal in a month. EdWeek Market Brief

  3. 15 Sept 2026

    The Gates Foundation pledged $1bn over two years for AI tools, with about 40% going to education, including AI tutoring. KUOW

  4. 11 Sept 2026

    Crimson extended its hostile A$0.73-a-share bid for Kip McGrath to 14 October; holders of about 51% back it and the board says reject. ShareCafe

  5. 9 Sept 2026

    upGrad closed its all-share takeover of Unacademy at about $206m, 94% below the 2021 peak, and McGraw Hill bought AI curriculum tool Teachally. EdWeek Market Brief

  6. 2 Sept 2026

    New York City barred student-facing generative AI for about 600,000 students from 3-K through grade 8 for the 2026-27 school year and capped screen time. NYC Mayor's Office

  7. 28 Aug 2026

    Anthropic added a schools-and-districts version of Claude for Teachers, which it gives free to verified US K-12 teachers until June 2027. Anthropic

  8. 19 Aug 2026

    Google is giving eligible college students a free year of Google AI Pro in the US (AI Plus elsewhere), with study notebooks, quizzes and SAT prep. Google

  9. 18 Aug 2026

    OpenAI launched ChatGPT for Teens, which moves under-18s into a version with Study Mode and nudges them away from copying answers. TechCrunch

  10. 13 Aug 2026

    McGraw Hill's quarterly revenue grew 2.6% to $549.9m, digital revenue grew 8.8%, and its AI tools passed 7.5m active users. McGraw Hill

  11. 11 Aug 2026

    Australia's Education Minister Jason Clare said AI must help students learn, not do the work for them, and flagged that education ministers will take up AI in schools when they meet in October. The Educator Australia

  12. 6 Aug 2026

    Chegg's quarterly revenue fell 51% to $51.8m as subscribers kept leaving; its Skilling unit grew only 2%. Chegg Q2 2026 results

  13. 5 Aug 2026

    Duolingo's daily users grew 23% to 58.7m, but bookings grew only 8% to $289.1m. Duolingo Q2 2026 shareholder letter

  14. 5 Aug 2026

    Imagine Learning bought Wayside Publishing to move into world-language curriculum. EdWeek Market Brief

Built an education business?

Edzo buys profitable education businesses that schools, teachers and families rely on, and looks after them for the long run. If you've built one and you're wondering what comes next, email hello@edzo.com.

Sources and method

Venture funding is as counted by the source named under the chart; other trackers count differently, so their totals differ, but the shape is the same. Surveys are from the research groups named, published on the dates shown. Deal values are headline prices, including debt where that's how they were reported. Every week an AI model (anthropic/claude-opus-5.5) with web search checks for new funding figures, surveys, deals, news and moves by the AI labs, and refreshes the listed companies and the case each way; anything without a source that loads is thrown out. It can still be wrong, so check the links. Share prices from Yahoo Finance, updated 5 Oct 2026. Nothing here is financial advice.

Funding, survey and delisting sources (34)

My investments The AI build-out Journey

Noosa Heads, Australia

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