Edtech’s brightest are struggling to pass — from techcrunch.com by Natasha Mascarenhas
Excerpts:
In the last quarter of 2022, edtech layoffs have hit venture-backed businesses including but not limited to BloomTech, Vedantu, Teachmint, Reforge, Coursera, Unacademy, Byju’s, Udacity and Brainly. Executive shifts include Quizlet CEO stepping down, Degreed’s CEO stepping aside for the founder’s return, and Invact Metaversity’s co-founder leaving after irreconcilable differences with his co-founder.
Class, an edtech company that neared unicorn status only 10 months after launching its Zoom School alternative, also conducted layoffs this year. The company raised a total of $146 million in known venture funding to date, including a SoftBank Vision Fund II check. CEO and founder Michael Chasen did not respond to a request for comment
The e-mail sent to staff was even more direct. “The truth is the layoffs in our sector are widespread for a reason,” Amir Nathoo, the co-founder of edtech unicorn Outschool, wrote in an email sent to staff. “The funding atmosphere has been dramatically impacted by the anticipation of a recession, higher interest rates and an increased need to show [return on investment] to investors.”
Addendum on 12/15/22 — and focuses on India:
- Will Edtech See a Paradigm Shift In 2023? — from entrepreneur.com by S. Shanthi
Higher education, phygital models, vernacular learning, re-skilling, up-skilling are some of the trends that are expected to stay attractive