Edtech venture capital firm Reach Capital raises $215 million for its largest fu...
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Edtech venture capital firm Reach Capital raises $215 million for its largest fund ever and has its sights set on backing more generative AI startups
Reach Capital has closed its fourth fund with $215 million to invest in education startups.
The announcement comes at a time when edtech startups have seen a pullback in new deals.
Here's why Reach is still betting big on new startups in edtech and the future of work.
San Francisco-based Reach Capital has closed $215 million in fresh capital for its fourth fund, the largest in the firm's history. Consistent with the previous fund, Reach IV will focus on education and future of work investments in the earlier stages, such as seed to Series B, and in companies based both in the US and abroad.
Reach plans to double down on its plan to invest in education and education support startups for K-12, higher education, and career upskilling and reskilling, including an interest in companies that can support teachers dealing with shortages and burnout. The team is also looking to back more companies using generative AI in education, Reach Capital founding partner Esteban Sosnik told Insider.
"I think overall at the growth stage, some activity has slowed, but we're actually seeing some really unique opportunities on this side from companies who are coming back or thinking about some more conservative round goals," said Reach Capital founding partner Wayee Chu.
Edtech investing hit a high in 2021 during the post-COVID lockdown boom with $16.8 billion in funding going to startups, according to PitchBook data. But just as the venture capital industry experienced a record-breaking year for fundraising and investments, the market wavered in 2022, and so did edtech investing. Near the end of 2022, edtech investing had just reached $8.89 billion in 2022, according to PitchBook.
While generalist investors still have some interest in edtech deals, some of the hype has worn off. "It's a down market for everyone but some LPs are saying things like, 'I don't invest in edtech,'' said Katelyn Donnelly, the managing director of the early stage edtech fund Avalanche VC. "It's funny because every category is hard. It's not like medical devices or clean tech are a sure bet."
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