GSV Ventures closes $180 million second fund for global edtech investments

GSV Ventures, an education technology venture firm, announced on March 3, 2021, that it had closed its second fund at $180 million. TechCrunch reported that the new fund brought the firm's total assets under management to $277 million, including its debut fund, which EdSurge reported had launched in 2016 with $97 million.

The fund was set to back edtech companies at the seed, Series A and later growth stages. EdSurge reported that the firm had broadened its activity beyond the United States, with recent investments in India, Indonesia, Jordan and South Africa, and planned to add an investment partner later in 2021 to focus on Indian deals. TechCrunch noted that the first fund had made only one investment outside the United States. The limited partners in the fund were not disclosed, and neither outlet reported a target size for the vehicle.

Portfolio companies mentioned in the coverage included Class Technologies, an instructional video platform built on Zoom; Guild Education, which offers education benefits to employees through companies; the math app Photomath; and Coursera. EdSurge reported that the firm had invested in 65 edtech companies since launching and listed past exits including Turnitin and Nearpod. According to TechCrunch, the firm's portfolio founders were 37% female and 43% people of color. GSV co-founder and managing partner Deborah Quazzo told EdSurge that the firm was not a majority shareholder in any company.

Both outlets reported that GSV Ventures was already raising a third fund at the time, with a first close expected within months. EdSurge noted that Quazzo also ran the ASU GSV Summit, an education industry event known for deal-making. TechCrunch reported that Fund II held 13 core holdings at the time, including companies in Cape Town, Croatia and Jordan, with six more investments planned in Indonesia and India. Counting exits from an angel portfolio contributed by Quazzo, the firm reported 10 exits to date.