SAN FRANCISCO — Owl Ventures, a venture capital firm focused on education technology, has closed $315 million for its third fund. The fund will make early and growth stage investments in leading education technology companies across the education spectrum including early childhood, K-12, higher education and career mobility/professional learning.
Owl Ventures has over $600 million in assets under management and has invested in 24 companies since its founding in 2014.
“We believe there is a digital revolution rapidly unfolding in education and workforce development. This evolution is creating a historic opportunity to invest in companies that are disrupting and improving the $6 trillion global education market,” said Tory Patterson, Managing Director at Owl Ventures.
“The entire education and training sector is shifting rapidly as access to the internet and connected devices has flourished. Millions of students and teachers around the world can now leverage innovative learning platforms,” said Tom Costin, Managing Director at Owl Ventures. “Broad internet infrastructure investments combined with rapid changes in the global economy have led education institutions, enterprises and individuals to seek digital tools to address the widening skills gap.”
The Owl firm is led by Managing Directors Tory Patterson, Ian Chiu, Tom Costin and Amit Patel. Chiu joined Owl Ventures in 2018 and brings a wealth of education investing and board experience to the Owl Ventures team. Prior to joining Owl Ventures, Chiu led the education sector at Warburg Pincus. Earlier in his career, he was a technology investor at Silver Lake Partners and a consultant at Bain & Company. “I am thrilled to have joined the Owl Ventures team,” said Ian Chiu, Managing Director at Owl Ventures. “We are excited to launch this third fund to help scale the leading early and growth stage education technology companies across all geographies.”
The firm has been a major investor in many of the fastest growing companies in the EdTech market including Accelerate Learning (Acquired by Carlyle Group), Degreed, DreamBox Learning (Acquired by TPG Rise), Newsela, Noodle Partners, and Quizlet. Owl Ventures is the lead investor in the vast majority of its deals and joins the board of each of its companies. This hands-on approach helps companies across numerous functions including distribution, talent, fundraising and outcomes measurement. As an education sector specialist, the fund has successfully partnered with leading diversified venture capital and private equity funds to help accelerate the growth of its portfolio companies.
“We seek to partner with visionary entrepreneurs who are tackling large problems in education and training,” said Amit Patel, Managing Director at Owl Ventures. “We look for companies that have established product market fit, achieved repeatable revenue models and have the potential to become transformative category leading companies.”