TheStateofthe

DutchEdtech

Ecosystem

28September2021

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TheDutchEdtechfoundationhasbeenlaunched!

ItwillbeourmissiontoconnecttheEdtechecosystemoftheNetherlandsandaccelerateeducationandlearninginnovations.

Fromthispointonwe’llboostpublic-private

collaborations,bringthecommunitytogetherandshareinsights.TodosoadequatelywestartofwithlookingintothecurrentstateofDutchEdtechecosystem.FromthismomentonwewillbeabletotracktheprogressoftheDutchEdtechscene.

LaunchingPartners:

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Let’sconnectandgrowtheEdtechsectortogethernationwide!

Becomeamember&Moreinformation

Followour

newsletter

andour

podcast

forthelatest

insightsandnews.

Contact:

info@

AnnetKloprogge

,ProjectLead

PetervanSabben

,BoardMember

RoelBellinga

,BoardMember

RubenNieuwenhuis

,BoardMember

Keyfindings

Thereare406EdtechstartupsintheNetherlands,worthacombined€800million

Intotal€110millionofventurecapitalhasbeenraisedsince2016.AmsterdamEdtechstartupsaccountfor79%ofthat.

Weidentified11segmentswithinEdTech.Upskilling(Bootcamps)leadsintermsofnumberofstartups,butDigitallearningenvironmentstartupshavereceivedthemostfunding.

Weestimatethereare2.5K+full-timeemployeesworkinginDutchEdtechstartupsintheNetherlands.

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TheNetherlandsranks#10inEuropebyfundingand#7bytotalvaluation

TheNetherlandsrisksfallingbehindonEdtechinvestment.However,VCinvestmenthasbeengrowingat90%CAGRsince2016.

Amsterdamranks#5inEuropeintermsofnumberoffundingroundsinEdtech.

TheedtechsectorisastrongstrategicedgeforcompetitiveDutcheconomy,sodeservesmoreattention.

MassivepotentialinEdtechbothgloballyandintheNetherlands.

GlobalEdTechinvestmentisontracktogrowby50%in2021.

Europeisgrowingthefastest.VCfundingforChineseEdtechstartupshasbeenimpactedbylarge-scalechangesineducationlegislation.

GlobalEdtechcompaniesarenowworth€298billion,a3.8xincreasesince2016.

Globaleducationandtrainingexpenditurewouldhit$10trillionby2030,ofwhich<4%isdigitized.

EdTechisoneofthelargestconsumercategories,with$6.5trillioninspending.

$10T

Globalmarketsize

$8T

$6T

$

6.5T

$5T

$4T

$3T

<$1T

$2T

Media

Fashion

Travel

Mobility

Food

&

ICT

Insurance

banking

ButDutchEdTechinvestmentisstill5–7yearsbehindonsectorslikeFintechandFood.

€1.9B

VCinvestment2016-2021YTD

€1.7B

€1.1B

€0.8B

€0.3B

€

0.4B€

0.4B€

0.6B

€0.1B

Semiconductors

EducationMarketing

SecurityEnergy

FoodMobilityHealthFintech

Page/4

TheNetherlandsranks#10inEdtechinEuropebyVC

investedsince2016(whereasDutchVCranks#6overall)

UnitedKingdom

€1.2B

France

€0.6B

Austria

€0.3B

Germany

€0.3B

Norway

€0.3B

Ireland

€0.3B

Denmark

€0.2B

Spain

€0.1B

Poland

€0.1B

Netherlands

€0.1B

Butit’salsothefastestgrowingbyVCinvestment

Annualgrowthfrom2016toToday

Netherlands

90%

Austria

89%

Russia

47%

Denmark

45%

Estonia

44%

DutchEdtechVC

Hungary

investmentgrewfrom

27%

Germany

27%

€6.7Mto€52Msince

Spain

2016

26%

Sweden

26%

France

23%

Tableofcontents.

TheDutchEdtechecosystem

European&globalcontext

AcloserlookatDutchEdtechstartups

Page/5

IntroductiontotheDutchEdtechecosystem

Wehaveidentified11distinctmarketsegments.

We’veanalyzedover406Edtechstartups-tech-enabledsolutionsintendedtopromoteeducationandlearning,andclassifiedthemamongthe11segments.

Wefocusedoncompaniesintheinformationage,i.e.after1990

Wealsoidentifiedpossiblydormantstartupsbycheckingtheirwebsite.

ThedataisfromDealroom.

Jobs&Internships

Startupsthatattractandimprove

accesstotalent.

Reskilling(Bootcamps)

Teachingnewskillstopeople

switchingcareersand/or

industries.

Learningcontent&

resources

Startupscreatingeducationalcontent

Managementsystems

Supportingsoftwareforschools,

universitiesandplatforms.

STEAM

EducationalmaterialsforScience,Technology,Engineering,ArtsandMathematics

Digitallearningenvironment

Platformsforsearchingandbooking

coursesanddigitaldegrees.

Tutoring&Homeworkhelp

Platformsforfindingtutorsandhelpingmaterialsforhomeschooling

Upskilling(Workforce

transformation)

Teachingnewskillswithown

platformand/orcontent.

Immersivetech

StartupsthatuseAR,VR,Voiceandotherfrontiertechtoeducatepeople.

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Languagelearning

Assessment&Verification

Tech-enabledsolutionsfor

Startupshelpingwithassessment

learninglanguages.

ofskillsandcertification

TheDutchEdtechlandscape2021

Languagelearning Immersivetech Jobs&Internships Managementsystems Tutoring&Homeworkhelp

Digitallearningenvironment

Upskilling(Workforcetransformation)

Assessment&Verification

Learningcontent&

Reskilling(Bootcamps)

STEAM

resources

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ExploreallDutchEdtechstartupsonlineandclaim(oradd)yours.

LettopVCsfindyou

Attracttoptalent

Contributetoanopendataset

AddyourEdtechstartup

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WorkforcetransformationisthelargestEdtechsegment.

NumberofstartupsinDutchEdTech

Upskilling(Workforcetransformation)

Learningcontent&resources

71

66

Upskilling(Workforcetransformation)startups

Digitallearningenvironments

45

Tutoring&Homework

39

STEAM

35

Managementsystems

26

Immersivetech

26

Jobs&Internships

26

Reskilling(Bootcamps)

23

Languagelearning

20

Assessment&Verification

7

Disclosedfunding:€8M

FTEs:110+

DesignsanddeliverscoursesinDataAnalytics,GrowthMarketing,UXDesignandmore.

Disclosedfunding:€3M

FTEs:50+

Helpsemployeesfind,compareandbooktrainingprogramsandcourses.

Disclosedfunding:€5M

FTEs:115+

Trainingemployeesviadigitallearningappandshortinteractiveclassroomsessions

Disclosedfunding:€3M

FTEs:25+

AI-drivenplatformthatusesgamificationtorevolutionizehowemployeeslearn

Page/10 Source:Dealroom.co.

DigitallearningenvironmentstartupsaccountformorethanhalfofallVCinvestment.

VCinvestmentinDutchEdtechstartupssince2010

Digitallearningenvironments

€76M

Upskilling(Workforcetransformation)

€15M

Immersivetech

€12M

Managementsystems

€9.0M

Reskilling(Bootcamps)

€5.1M

Tutoring&Homework

€3.3M

Jobs&Internships

€2.9M

STEAM

€1.9M

Learningcontent&resources

€1.5M

Assessment&Verification

€0.6M

Languagelearning

€0.2M

Digitallearningenvironmentstartups

Disclosedfunding:€47M

Disclosedfunding:€5.3M

FTEs:60+

FTEs:160+

Platformforsharingstudy

Helpingstudentstofind,

resourcesandsolveproblems

compareandchooseauniversity

withpeers.

anywhereintheworld.

Disclosedfunding:N/A

Disclosedfunding:€1.2M

FTEs:20+

FTEs:35+

All-in-onemarketplaceforselling

Creatingadavaptiveand

coursesonline,mentoringand

interactivedigitallearning

consulting

materialsforhighereducation.

Page/11 Source:Dealroom.co.

Sofar,€52millionhasbeeninvestedinDutchEdtechstartupsin2021.

VCinvestmentinDutchEdtechstartups

?viewonline

Capitalraisedin2020/21byselectedcompanies

▊€0-4M(pre-seed)▊€1–4M(seed)

▊€4–15M(SeriesA)

▊€40-100M(SeriesC)

€60M

€52M

€45M

€10M

€8M

1.9x

€40M

€5M

€5M

€4M

€27M

€20M

€1M

€1M

€0.6M

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021YTD

Page/12 Source:Dealroom.co.

DutchEdtechcompaniesarenowworth€800million,ledbyStuDocu(€227M)andGoodhabitz(€212M).

Combinedenterprisevalue(1)ofDutchEdtechstartups

?viewonline

€1,000M

€802M

€800M

€600M

€277M

€400M

€159M

€200M

€77M

€127M

€151M

2016

2017

2018

2019

2020

Today

MostvaluableDutchEdtechcompanies

€47Mtotalraised €13Mtotalraised €8Mtotalraised

€8Mtotalraised €5Mtotalraised €5Mtotalraised

Undisclosedtotalraised

€5Mtotalraised €1Mtotalraised Acquiredfor€212M

1.SumofthevaluationsofalledtechstartupsintheNetherlandsfoundedafter1990.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluationsasofAugust2021.

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Source:Dealroom.co

MostfundedEdtechstartupsintheNetherlands.

Company

Launchdate

Disclosedtotalfunding

Latestfunding

Selectinvestors

2010

€47M

$50MSeriesB

Partech,PointNineCapital,Peak

Notes,summariesandtestsharingplatform

May2021

2010

€13M

$10MSeriesC

Verdane,VortexCapitalPartners

Platformforcreatinganddeployingcourses

Jul2020

2015

€8.0M

€5.0MSeriesA

RinkelbergCapitalInvestment

DigitalCourses&CorporateTraining.

Nov2020

2013

€7.9M

€4MSeriesA

CapitalT,PartnersinEquity

Searchabledigitallibrary

Jul2020

2009

€5.3M

€5MSeriesA

KeenVenturePartners,VOCCapitalPartners

Helpingstudentsfindandchooseauniversity

Mar2017

2018

€5.0M

€2.0MSeriesA

?(Mediahuis,TablomontonVentures)

Softskillstraining

Nov2020

2010

€5.0M

€5MSeriesA

RubioImpactVentures,SHSCapital

E-learningplatformforsurgeons

May2021

2015

€3.3M

€1.3MSeed

BOMBrabantVentures

Mobilelearningplatform

Aug2019

Findandcomparetrainingcourses

Toolforbetterstudyhabits

2008

€2.9M

€2.0MGrowthEquity

FDMediagroep

Jun2017

2012

€2.0M

€2.0MSeed

TheHatchFirm,Investion

Nov2015

Page/14 Source:Dealroom.co.RankingbasedondisclosedtotalVCfundingasofAugust2021.

NotableDutchEdtechexits.

Digitallearningenvironments

Managementsystems

Immersivetech

Assessment&Verification

Description

Onlinetrainingcourses

Aplatformforcommunication

Personalizededucationfor

White-labelplatformforonline

withstudents.

children

proctoring

Launchdate

2011

2014

2010

2014

Fundingtillexit

N/A

€0.7M

N/A

€0.6M

Selectinvestors

ParcomCapital

N/A

N/A

Leapfunder,

Startupbootcamp

Acquirors

Prosus

ReadyEducation

NPMCapital

iParadigms

Acquisitiondate

Jun2021

Jul2021

Dec2020

Feb2021

Amount

€212M

N/A

N/A

N/A

Page/15 Source:Dealroom.co

MarineterreinAmsterdam-GrowingEdtechhubintheNetherlands.

UniversiteitvanNederland

itorium

Grasple

AHK

Codam

DutchEdtech

DigitalSocietySchool

HouseofSkills

Nemo

AMS

IJsfontein

GrowthTribe

NoordHolland

€83M

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Thetop25peopleinDutchEdtechtofollow.

AndreHaardtFounder,Squla

ErwinvanRest

CEO,StudyPortals

ReneJanssen

Founder&ManagingDirector,Lepaya

DianeJanknegt

Founder,Wizenose

ThijsGillebaart

Co-founder,Grasple

PetervanSabbenCo-founder&CEO,GrowthTribe

RoelBellinga

Co-founder,itorium

MaartenFranken

GoodHabitz

CorinneVigreux

Founder,Codam

HomamKarimi

CEO&Founder,Studytube

JeroenFransen

CEO&FounderRevisely

EwouddeKok

CEO&co-founder,FeedbackFruits

KimvanderEsch

Founder,Mr.Chadd

MarnixBroer

CEO&co-founder,StuDocu

MarinaTognetti

CEO&founder,mYngle

RubenTimmerman

CEO,Springest

SuzanneMeyer

Co-founder&DirectorStrategy,Knowingo

MennoThijssen

CEO,Edumundo

VassilisDamianosStudySmart

AnoukBinkhuysenCEO&Founder,Faqta

RubenNieuwenhuisManagingPartner,TechConnect

DimitriosVlachopoulosDigitalSocietySchool

KarsVeling

CEO&founder,LessonUp

SergeBueters

CEO,Futurewhiz

LindaFrietman

CEO,IamProgrez

JaapKoelewijn

Founder,Helpr

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European&globalcontext

With$6.5trillionEducationisoneofthelargestmarketopportunitiesyettobedigitized.

Globalsizeofkeyconsumermarketsasof2021

$10T

$8T

$8T

$6.5T

$6T

$5T

$4T

$3T

$2T

<$1T

Education

Insurance

Media

Fashion

Travel

ICT

Mobility

Food

Health

Housing

&banking

Source:Dealroomestimates,Worldbank,OECD,Eurostat,McKinseyforinsurance&bankingviaA16Z.FreelanceviaUpworkandMcKinsey.

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Educationis$6.5trillionaccordingtoHolon.

A$10trillionexpendituremarketby2030,ofwhichonly<4%isdigitized.

Globaleducationandtrainingexpenditure

11%CAGR

$10T

23%CAGR

$6.5T

$2.8T

GlobalEdtechexpenditure

12.2%CAGR

$404B

$227B

5.2%

3.6%

2000A

2005A

2015A

2020E

2030E

2025E

2030E

2020E

2025E

Page/20

Source:

HolonIQ

andvariousunderlyingestimatesfromGoldmanSachsGSV,IBISCapital,Citi

GlobalEdtechcompaniesarenowworth€295billion.

Combinedenterprisevalue(1)ofGlobalEdtechstartups

MostvaluableGlobalEdtechcompanies

?viewonline

▊$0–250M▊$250–1B(Futureunicorn)▊$1B–10B(Unicorn)▊$10B+(Decacorn)

€300B

€200B

€100B

€295B

€238B

€166B

€142B

€95B

€78B

2016 2017 2018 2019 2020 Today

1.Sumofthevaluationsofedtechstartupsfoundedafter1990.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluationsasofAugust2021.

Page/21

Source:Dealroom.co

TheUSleadsbythelargestenterprisevalue.

Combinedenterprisevalue(1)ofGlobalEdtechstartups

?viewonline

▊$0–250M▊$250–1B(Futureunicorn)

▊$1B–10B(Unicorn)▊$10B+(Decacorn)

?US

?China

?India

?Europe

€150B

€137B

€100B

€76B

€50B

€28B

€26B

20162017201820192020Today

2016

2017201820192020Today

20162017201820192020Today

20162017201820192020Today

Page/22

1.Sumofthevaluationsofedtechstartupsfoundedafter1990.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluationsasofAugust2021.

Source:Dealroom.co

MostvaluableEdtechcompanies.

Name

HQ

Founded

Valuation*

Category

Whattheydo

#1

India

2011

€15B

Digitallearningenvironment

LearningappforstudentsinK-12

#2

China

2012

€14B*

Tutoring&Homeworkhelp

OnlinecoursesandtutoringforK-12students

#3

US

2007

€10B

Learningcontent&resources

Academichubo?eringavarietyofscholastic

materials

#4

China

2014

€9B*

Tutoring&Homeworkhelp

TutoringproductsandservicestargetingK12

students

#5

US

2011

€6B

LanguageLearning

Language-learningeducationplatform

#6

Norway

2012

€6B

ImmersiveTech

Game-basedlearningplatform

#7

US

2012

€4B

Digitallearningenvironment

Freeonlinecoursesfromtopuniversities

#8

US

2015

€3B

Upskilling(Workforcetransformation)

Onlineclasses,programs,andaccredited

collegedegrees

#9

US

2002

€3B

Upskilling(Workforcetransformation)

E-learningcoursesformanagementsystems

#10

US

1997

€3B

ManagementSystems

Cloud-basedsoftwareforK-12education

Source:Dealroom.co*EstimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluationsasofAugust2021.ChineseprivatevaluationsmightbeimpactedasChinabegana

Page/23

crackdownonEdtechcompanies,imposingrestrictionsonprivatecompanieso?eringtutoringservices.

Therearenow57unicornsand$1.0BexitsinEdtech.ThecenterofgravityshiftedfromChinatotheUSA.

SquirrelAiLearning

LianshangLiterature

GoldenEducation

LuojiSiwei

Udacity

Changingedu

KnowboxApp

Exited

Yuanfudao

Zuoyebang

Instructure

Exited

Hujiang

Vipkid

2U

ITutorGroup

Exited

HuikeduGroup

Grammarly

Chegg

Duolingo

Zhangmen

LearningTechnologies

PluralSight

AgeofLearning

Exited

Group

17zuoye

Quora

Lynda

DaDa

Zhihu

Byju's

Coursera

2014

2015

2016

2017

2018

2019

Year$1B+valuationreached

Yunxuetang

FenbiEducation

Articulate

Go1

MasterClass

Outschool

Degreed

HuohuaSiwei

BetterUP

Keep

Newsela

ApplyBoard

EruditusExecutiveEducation

Eightfold

GoGuardian

GuildEducation

JoyTunes

Quizlet

GoStudent

CourseHero

Exited

Unacademy

ACloudGuru

Exited

Nerdy

Kahoot!

ArcoEduca??o

Udemy

PowerSchool

UpGrad

2020

2021

Page/24

Source:Dealroom.Aunicornisdefinedasarapidlyscalingcompany(andtech-enabled)thathasreacheda$1billionvaluation,onthebasisofafundinground(unrealised),acquisitionorIPO

(realised).These57unicornswereaddedbasedonthe11Edtechmarketsegments.

Globally,Edtechisontrackforarecordinvestmentin2021,after€7.2Braisedinthefirsthalfoftheyear.

VCinvestmentinEdtechstartups

?viewonline

Over550+Edtechstartupsraisedin2021

?viewonline

▊€0–1M(pre-seed)▊€1–4M(seed)▊€4–15M(SeriesA)▊€15–40M(seriesB)

▊

€40M–100M(seriesC)▊€100M–250M▊€250M+

€10B

€7.2B

€8B

2x

€6B

€4B

€3.6B

€2B

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Page/25 Source:Dealroom.co

WhichisanopportunityforEuropetoleadinEdtechwithVCinvestmentgrowingthefastest.

▊€0–1M(pre-seed)

▊€1–4M(seed)▊€4–15M(SeriesA)▊€15–40M(seriesB)

▊

€40M–100M(seriesC)

▊€100M–250M▊€250M+

?US

?China

?

India

?

Europe

€6B

€4B

€2.3B

€2B

3.4x

-0.7x

€1.4B

2.5x

€1.1B

7.4x

€1.1B

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

H1

2017

2019

2021

2017

2019

2021

2017

2019

2021

2017

2019

2021

Page/26 Source:Dealroom.co

EuropeanVCinvestmentsince2016lagsbehind,butitcomessecondintermsofnumberofrounds.

EdtechVCinvestmentsince2016

China

€18B