Bertelsmann, an international media company based in Germany, announced that it will raise a €30 million ($43 million) education technology fund in partnership with Brazilian investment company Bozano Investimentos.
Bertelsmann holds a 30% stake in the BR Education Ventures Fund, Bozano Investimentos serves as the fund’s manager. A first closing in the amount of nearly €20 million has already been completed.
According to Fernando Carro who is responsible for Latin America at Bertelsmann “Both the education business as a global growth market and the emerging economic region of Brazil play a central role in Bertelsmann’s growth strategy.”
Two years ago Bertelsmann opened a Corporate Center in Brazil to further develop both existing businesses and creating new ones within the country. Through the BR Education Ventures Fund Bertelsmann aims to get early access to innovative Brazilian edtech startups. Brazil is particularly interesting to Bertelsmann as the country has a high rate of digitization paired with rising demand to get access to quality education.
Bonzano Investimentos currently has more than €1.2 billion under management and brings its in-depth knowledge of the Brazilian education technology market into this partnership.
The BR Education Ventures Fund aims to invest into eight to ten portfolio companies, with the first investment in Brazilian edtech startup Evolve already being finalized. The second investment in adaptive learning startup QMágico is imminent.
Bertelsmann already invests in education through its own Bertelsmann Digital Media Investments and Bertelsmann Asia Investments as well as the University Ventures Fund I in which the media company invested $50 million along with the University of Texas and others.
After opening a Corporate Center in India in 2012, Bertelsmann invested $4 million in edtech startup authorGEN alongside Kaizen Private Equity. authorGEN develops a variety of SaaS solutions in the edtech space including online learning platform WizIQ.
First reported by: EdSurge
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