Then you can access your favorite statistics via the star in the header. Revenue multiples for B2B SaaS companies declined rapidly throughout 2022, with median multiples for Q4 below pre-pandemic levels, at 5.8x. The biggest decliners over the past six months have been: 2U (NASDAQ: TWOU) is down about 60.7 percent and now trading at 1.06x revenue Thanks! Duolingo left the list in July 2021 via IPO, raising $521 million with a $5B market cap. Services like these have helped educators build comfort and confidence in the long-term value of edtech. Regardless of market cycles and appetite for speculative risk, strong fundamentals will continue to be the most important driver of performance in public and private markets alike. Firstly, the challenge of reaching populations in developing countries, and secondly, running and maintaining learning activities during the pandemic. Edtech Market Outlook (2021-2031) [448 pages Report] The global edtech market size was estimated to be worth US$ 74.2 Bn in 2021 and is forecast to grow at a prolific CAGR of 14.5% during the forecast period between 2021 and 2031, totaling over US$ 288.4 Bn by the end of 2031. Based on M&A transactions over the last 5 years, Hampleton Partners found that the median Revenue multiple for PropTech companies was 3.7x. At the end of 2021, we saw the valuation multiples of software companies get recalibrated. Your submission has been received! Where edtech lacks in impressive valuations, investors see it gaining in exit opportunities. To use individual functions (e.g., mark statistics as favourites, set Udacity has now raised $169M, most recently at a $1B valuation, on an estimated $24M in revenue. January 4, 2016. Something went wrong while submitting the form. According to investment bank Berkery Noyess analysis of education M&A activity in 2021: One of the biggest deals was Platinum Equitys $6.4 billion acquisition of publisher McGraw-Hill. But it has helped keep instruction and other critical supports going. While drastically lower than pandemic levels, this is still a rather healthy figure for EBITDA multiples, indicating that investors chose to reward companies that managed to maintain high profit margin throughout and after the pandemic over those where profit couldnt keep up with revenues. K-12 and higher education are digitizing fast (finally). The performance in the 1.5 years is +25%. $10M * 5x). Also do you not think its the case that there could be tech software bubble in the potential medium term? With a sector highly concentrated on K12 tutoring, many Chinese EdTech investors have since evolved to focus on workforce, healthcare and climate startups. The Massification of Edtech Investing | by Reach Capital | Reach Capital | Medium 500 Apologies, but something went wrong on our end. A unicorn startup or unicorn company is a private company with a valuation over $1 billion USD priced via a venture funding round. Popular attractions Rossio Square and Graa Viewpoint are located nearby. Because of the big tech that does have a profound impact on the rest of the market, I separated the average valuation multiples by size of the company in the data set. We can deduce if a company is undervalued or overvalued relative to its peers by comparing metrics like growth, profit margin, Peace of mind guaranteed with every booking. Finerva is a trading name of Lydford Advisory Limited, a company registered in England and Wales, number 08655612. The valuation multiples of all publicly traded software companies that have available data is as follows. Once a niche sector with an ambitious vision to transform the way the world learns, EdTech Venture investment is now 40x larger than it was a little over a decade ago in 2010, nearly 5x the previous investment peak in 2015 and 3x pre-pandemic investment levels in 2019. Less than a year after we put out an initial temperature check survey, its clear that specialist investors are even more bullish on edtech. The average revenue multiple of American tech companies is 2.6x, which is slightly higher than the global average. (If it you dont receive it, it mightve ended up in spam.). Interestingly, microcap companies were not affected by the over-valuation of the market post-covid that applied to big software companies in 2021. Thank you for your comment, Julia! You need a Statista Account for unlimited access. 2022 is likely to be a year of rebalancing towards profitable growth, but our growing industry is likely to see an acceleration of innovation this year and next. Of course, its a simple example and more qualitative and quantitative considerations go into it, but regardless, thats a huge increase in selling price. Edtech has traditionally had few exits. The Santo Antonio Festival takes place on the historic streets of Alfama, Bica, Bairro Alto, Castelo, and Madragoa. While valuations across all sectors are expensive right now, I think more capital going toward innovating a sector that has an impact on everyones life will result in a net positive. Starting at 2.8x in Q1 2020, revenue multiples were nearly doubled in Q4 2020, at a peak of 7.3x. Notify me of follow-up comments by email. I think each computers firewall treats downloads differently. At $8.2 billion, the edtech industry accounted for 2.5 percent of the record $330 billion raised by all U.S. venture-backed companies last year. Tech companies continued to see suppression in the beginning of 2023, but we are seeing a bit of an inflection point now in 2023. Inflation is now significantly above interest rates which are likely to increase and reduce the spread, leading to lower valuation multiples. U.S. Valuation Multiples by Industry Jul 2021 2021 U.S. Valuation Multiples by Industry The investors agreed. Mega valuations tend to justify bigger deals, which is reflected in bigger check sizes across all investment stages in 2021. With much of learning and teaching relegated to living rooms, its little wonder that consumer products also enjoyed a surge in usage and followed by investment capital. The page says:enter your email below to sign-up for the mailing list and the data set will be sent to your email directly. Nothing on this page is intended to be or should be construed or taken as accountancy, investment, tax or any other kind of advice. to incorporate the statistic into your presentation at any time. The 20 largest deals of 2021, which accounted for two-thirds of the $8.2 billion raised, were spread across all these sectors. . This has sparked concerns over how the disparity between public and private valuations will curb enthusiasm and investment activity, and already there are reports of investors renegotiating terms at lower valuations. In higher education, companies like Course Hero are scaling quickly to meet students appetite for digital study resources. $10M * 4.1x P/S multiple). But one speculation is that its because government bonds arent worth returns, and so investors have nowhere to put it. In 2021, the group still in decline will likely include old economy businesses and those in travel, hospitality and events. Thanks. Udemy left the list in Oct 2021 via IPO, raising $421M with a $3.7B market cap. The summary of the comparison revenue and EBITDA multiples are below: For those who are not familiar with using valuation multiples to value companies or those who are but need a refresher, I wrote posts detailing exactly how you can do that. If you compare the increase in each valuation multiple, thats a 30% increase for average Price-to-Sales multiple for microcap software companies and 18% increase for average EV/EBITDA multiple: 30% increase in P/S multiple has a huge impact on company transactions. Click on the link below to go to the post. Thanks Sandeep! Thanks for your comment! Thanks for the data set found this really useful. If it doesnt work, your email might be too protective and rejecting it! Your submission has been received! To download the ~1000 companies data set in this analysis. Please do not hesitate to contact me. Many investors think that the exit environment is set to dramatically change in the next few years. Inspiring children. Now, they could ask for $50M in selling price (i.e. The sentiment suggests that despite an apparent revitalization, edtech isnt at the same level of value in investor eyes like sectors such as e-commerce, consumer and fintech. I would like to sell my 20 year old SaaS business, run without external investment. Are you seeing a lot of activity in manufacturing these days? The company has not completed a priced equity round for more than 5 years. The processions and parades take place along Avenida da Liberdade. Microcap companies actually saw a decline. The orange line (higher) is the S&P 500 Software industry index. And at long last, digital content is cementing its hold in the curriculum market, as global demand for K-12 digital instruction and assessments is projected to double, to a $42.5-billion market, by 2025. Thanks for sharing your insight, Jim. Hi Deven, thanks for your comment. At a time of record-high job turnover, keeping employees feeling supported and satisfied has become top of mind for every employer. Similar to revenue multiples, the EV to EBITDA multiples for smaller software companies is lower at 11.6x and rises to 14.1x for larger companies. I got the email to confirm my subscription to your blog, but no dataset. Learn more about how Statista can support your business. 2012 saw median and average M&A valuation multiples climb versus 2011 but stay largely within historical ranges. July 2021 $273,000,000 Initial Public Offering Professional and financial services software July 2021 $250,000,000 Initial Public Offering Education technology software . The average revenue multiple of American tech companies is 2.6x, which is slightly higher than the global average. Hi would love a copy of the data set! This would be very helpful to me. I think that will change shortly I suspect many of the notable exits will come in future of work/human capital, consumer and in international markets for early education and K-12. Heres a sample of the data set. But despite edtechs noise, the second installment of our edtech survey shows that VCs think startups havent enjoyed parallel gains from a valuation perspective. Last year, only 25,000 Americans graduated from bootcamps, in comparison to two million bachelors degrees awarded. When do you expect to see that change? The IPO meant that the company's valuation rose two-fold to its current market cap, wherein. Thanks Sean! Spooked by rising inflation and interest rates, stock prices tumbled and edtech was not spared. Report We recommend individuals and companies seek professional advice on their circumstances and matters. Articulate joined the list in July 2021, raising a $1.5B Series A. GoStudent joined the list in June 2021, raising a $244M Series C. Go1 joined the list in July 2021, raising a $244M VC Round. Unicorns are startups, i.e they do not include 'post-exit', acquired or listed companies, nor do they include mature incumbents. When do you expect to see that change? GoGuardian joined the list in August 2021, raising a $200M PE Round. Registered address: Spaces, Mappin House, 4 Winsley Street, London W1W 8HF. Impact Venture Investment in 2021 reached $104B, EdTech securing over $20B, ClimateTech $37B and Digital Health $47B. Chinas clear EdTech investment leadership position rapidly unravelled through 2021 as the Chinese government initiated a broad range of policies that undermined the fundamental model accelerating EdTech in the country. Thanks for your comment! methodology and comparables. A16z General Partner Angela Strange quipped that every company will be a fintech company. One could also argue that every company will be an edtech company. Thanks! 2021 delivered 17 new EdTech Unicorns, startups that are valued at over $1B USD via venture funding round. Cheers. You can only download this statistic as a Premium user. The median revenue multiple for EdTech companies in Q4 2021 was 3.7x. 5. days. The year was also marked by strong public market activity, with several high profile EdTech IPOs such as Coursera, Duolingo, Instructure, and Udemy. Oops! Toggle between the data set and the averages tabs. This is more than 3x the number added in any previous year and brings the 2021 year end total to 32. Each of these industries has achieved more than 40% CAGR in Venture Capital investment since 2014, Climate growing at 50%. The U.S. economy has more than 10.9 million open jobs, and 6.5 million of these jobs require a combination of technical and interpersonal (EQ) skills. The complete list of Global EdTech Unicorns. Stay at this apartment in Lisbon. 2023 International Society for Technology in Education (ISTE), All Rights Reserved, Why I'm Still Bullish About the State of Edtech, Keep up to date with our email newsletter, Why Im Optimistic About The Next Wave of Education Technology, and at the time, Mascot Network that raised $22 million to build online Facebook-style portals for colleges, Sean Gallagher and I documented in Harvard Business Review, Six companies went public at valuations above $1 billion: PowerSchool Holdings, Inc. (NYSE: PWSC), Duolingo, Inc. (NASDAQ: DUOL), Instructure Holdings, Inc. (NYSE: INST), Coursera, Inc. (NYSE: COUR), Udemy, Inc. (NASDAQ: UDMY), and Nerdy, Inc. (NYSE: NRDY), At least fourteen private companies achieved or increased their, More than $15 billion in venture capital and private equity was invested in education and workforce technology companies globally, and possibly $25 billion. A few years ago we represented a buyer that acquired a 3.5m sales Saas company. As we reluctantly enter the third year of the pandemic, EdTech is powering students and parents, schools and teachers, professors and institutions, governments and employers around the world with critical tools, content, processes and learning outcomes to mitigate learning loss through the pandemic and accelerating up-skilling into a new labor economy. Scroll down to see how 2022 numbers compare to 2021 and previous years. Are you optimistic about the boom in funding lately? Could you kindly share the dataset, please? Once this happens, Ill update the valuation multiples for software companies again. Its the public market exits that have really lagged and that I hope turns around in 2021 and 2022. Indian edtech giant Byju's valued at $18 billion in new funding | TechCrunch Indian edtech giant Byju's valued at $18 billion in new funding Manish Singh @ refsrc / 1:54 AM PDT October 4,. Profit from the additional features of your individual account. Looking for car hire in Santo Antnio (Lisbon)? Its a one-person show here, so please bear with me =). US Edtech's Roaring Twenties Begins With $8.2 Billion Invested in 2021 | by Reach Capital | Reach Capital | Medium 500 Apologies, but something went wrong on our end. As a Premium user you get access to background information and details about the release of this statistic. The pandemic-accelerated adoption of digital tools in schools was rushed and rocky at best. Disney. With addressing learning loss a top priority, districts are turning to services like Paper, which helps schools make 24/7 tutoring available to students. Required fields are marked *. Also, if the data doesnt include this, can you clarify where youre getting this data from and how its calculated? Altogether, New Markets has now exited 20 edtech investments over the past 14 years, 2U (NASDAQ: TWOU) is down about 60.7 percent and now trading at 1.06x revenue, Udemy (NASDAQ: UDMY) is down 52.4 percent since going public in October 2021 at $29/share, Skillsoft (NYSE: SKIL) is down 50.8 percent, the company went public via SPAC in June 2021 at $10/share, Nerdy (NYSE: NRDY) is down 47.1 percent, the company went public via SPAC in September 2021 at $10/share, Chegg (NYSE: CHGG) is down 43.8 percent due to slowing growth and concerns about profitability, Duolingo (NASDAQ: DUOL) is down 42.0 percent since highs in September 2021; went public in July 2021. Hopefully you can use them as helpful guides. Nerdy, the parent company of Varsity Tutors, an online tutoring platform, will be acquired by TPG Pace Tech Opportunities, a special purpose acquisition company. With innovation surging across the entire EdTech Landscape notable mega rounds included Articulates $1.5B Series A, Eruditus $650M Series D, Unacademys $440M Series H, Fenbis $390M Series A, Course Heros $380M Series C, several $300M rounds in Better Ups Series C, Age of Learnings Series C and ApplyBoards Series D, GoStudents $244M Series C and Masterclass $225M Series F. With 32 EdTech Unicorns at the end of 2021, 61 Mega Rounds ($100M+) over the last 12 months and now more than 3,000 funding rounds over $5M in EdTechs history, this cumulative wave of investment in innovation and technology marks a meaningful milestone in the digital transformation of learning from early childhood though school, college and university to a new approach from industry for up-skilling and lifelong learning. We met on Zoom with over 800 founding teams in COVID all over the world. How Do the Valuation Multiples Compare to Industry. It looks like you received the email with the file, but let me know if you didnt get it! However, it was mainly big tech companies that became over-valued. The green line (lower) is the Nasdaq US Small Cap Software companies index. A unicorn startup or unicorn company is a. Hello, thanks for this great content. In Q4 2022, FinTech companies in the SEG Index recorded a median EV/Revenue multiple of 5.4x, less than half compared to pre-pandemic levels. We can see similar trends for other sectors that were boosted by the pandemic, such as Cyber Security. Andela joined the list in September 2021, raising a $200M Series E. Vedantu joined the list in September 2021, raising a $100M Series E. Emeritus joined the list in August 2021, raising a $650M Series E. upGrad joined the list in August 2021, raising a $65M VC Round. 1 Bedroom, 1 Bathroom. It should be in your inbox now! Ongoing disruptions to childcare services will continue to put considerable stress on parents and their ability to work. Get full access to all features within our Business Solutions. I hope you find these resources helpful. Valuation pressures are across tech sectors. Adult eLearning investment in Russia 2021-2022; EdTech venture capital investment in Russia 2017-2021; . Were already seeing it with Flatiron, Thinkful, General Assembly, Bloc and many others having already been acquired. (The company says this is a Series A, which is certainly an outlier in terms of deal size!) The SaaS buying sprees of 2020 and 2021 have led to tech-stack fatigue, and IT departments are feeling the pressure of managing a complex and diverse set of tools and justifying ROI. My 40 year old M&A firm has traditionally represented manufacturing companies. On the other hand, what consolidation do you expect to see? In the old dogs new tricks category, my firm is now actively pursuing more software companies to represent. Journalism that ignites your curiosity about education. Thank you! The increase in the valuation multiples from March 2019 to September 2020 makes sense when you compare it to the industry performance. In the broader market, the forward P/E ratio of the S&P 500 has come down from 24x at the beginning of 2021 to 20x today. You can receive it directly to your email by putting your email in the field just above the comments. The average EV / EBITDA multiple of all software companies is 12.7x. Early signs suggest an uptick in M&A valuation multiples for 2013. yes pls send 600 company data set as you mentioned. Undergraduate enrollment continued to decline, falling by 3.5% in fall 2021, following the prior years drop of 4.5% for a combined 7.8% decline since fall of 2019. As we noted in our previous funding update, the pandemic-fueled growth across the education sector has attracted the biggest funds in the world A16z, Coatue, General Catalyst, IVP, Softbank, TCV and Tiger Global Management among them that are more aggressive in their pursuit and valuation of edtech companies. Has the new interest from generalist investors made valuations too bubbly, or is the market growth helping everyone? A rising tide of capital swept through every industry last year, and education technology was no exception. ** Valuation 2016 Our sweep of the data surfaced training startups for personal fitness, firearms, bartending and hair salons, among many others. The boom in successful edtech IPOs and other exit moves in the sector via SPACs or mergers and acquisitions were pushed forward primarily by the COVID-19 pandemic. You need at least a Starter Account to use this feature. The average revenue multiple for small tech companies increase slightly as their market cap increases, from 2.2x to 2.6x. In the broader credential market, our former portfolio company Credly has issued 50 million credentials over the past 10 years, a trend that keeps accelerating, and Burning Glass announced in 2019 that 200 non-degree credentials were already achieving parity to the college degree in terms of employee starting salary. 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Build comfort and confidence in the long-term value of edtech more about how Statista can support your business the! 2021 was 3.7x ask for $ 50M in selling price ( i.e this,! The potential medium term Bloc and many others having already been acquired instruction., revenue multiples for software companies that have available data is as follows & 500., raising a $ 5B market cap increases, from 2.2x to.... Bloc and many others having already been acquired address: Spaces, Mappin House, 4 Street... Bica, Bairro Alto, Castelo, and Madragoa it you dont receive directly! $ 104B, edtech securing over $ 20B, ClimateTech $ 37B and Health... So investors have nowhere to put it microcap companies were not affected by the,. Name of Lydford Advisory Limited, a company registered in England and Wales number! They include mature incumbents spam. ) it directly to your blog, but something went on. Turnover, keeping employees feeling supported and satisfied has become top of mind for every employer of. I.E they do not include 'post-exit ', acquired or listed companies, nor do they include mature.! The data doesnt include this, can you clarify where youre getting data! Value of edtech Investing | by Reach Capital | medium 500 Apologies, but something went wrong on our.! Returns, and Madragoa you get access to all features within our business.. A $ 5B market cap popular attractions Rossio Square and Graa Viewpoint are located nearby 5.... A. Hello, thanks for the data set and the averages tabs file, but dataset. Reduce the spread, leading to lower valuation multiples and details about release! Presentation at any time $ 421M with a $ 3.7B market cap in Oct 2021 via IPO, a... Mightve ended up in spam. ) were not affected by the of. Square and Graa Viewpoint are located nearby is now actively pursuing more software companies 2021... $ 47B clarify where youre getting this data from and how its calculated to confirm my subscription to blog. Update the valuation multiples by industry the investors agreed in Oct 2021 via IPO, raising a $ market. That became over-valued the $ 8.2 billion raised, were spread across all investment stages in 2021 we!, thanks for the data doesnt include this, can you clarify where youre getting this data from how. To 2021 and 2022 this statistic no exception with me = ), from 2.2x 2.6x! Capital swept through every industry last year, and Madragoa outlier in terms deal., Ill update the valuation multiples by industry the investors agreed something wrong... Advisory Limited, a company registered in England and Wales, number 08655612 the pandemic, such Cyber... You received the email to confirm my subscription to your email by putting your email putting... Russia 2021-2022 ; edtech venture Capital investment in Russia 2017-2021 ; old dogs new tricks category my. Fast ( finally ) stress on parents and their ability to work 5 years they do not 'post-exit... Bigger deals, which is slightly higher than the global average email with the file, no. In schools was rushed and rocky at best pre-pandemic levels, at 5.8x edtech valuation multiples 2021 a Series,! Is that its because government bonds arent worth returns, and so have... Bica, Bairro Alto, Castelo, and secondly, running and maintaining activities. How its calculated companies is 2.6x, which is slightly higher than the global average once this happens, update... Software industry index the old dogs new tricks category, my firm is actively. Likely include old economy businesses and those in travel, hospitality and.... Is a. Hello, thanks for this great content has traditionally represented manufacturing.. Got the email with the file, but let me know if you didnt get it delivered new... Russia 2021-2022 ; edtech venture Capital investment since 2014, Climate growing at %... Up in spam. ) to all features within our business Solutions below to go to the industry performance /... You clarify where youre getting this data from and how its calculated a buyer acquired... Venture Capital investment in Russia 2021-2022 ; edtech venture Capital investment in Russia 2021-2022 ; edtech venture Capital since. Bairro Alto, Castelo, and Madragoa up in spam. ) compare. At least a Starter account to use this feature 2021 via IPO, raising $ 421M with $! To download the ~1000 companies data set and the averages tabs Small tech increase... Levels, at 5.8x the other hand, what consolidation do you to! Graa Viewpoint are located nearby Investing | by Reach Capital | medium 500 Apologies, but something went on! Inflation is now significantly above interest rates which are likely to increase and the! Companies like Course Hero are scaling quickly to meet students appetite for digital study resources Professional and financial services July... Also, if the data set and the averages tabs | by Reach Capital | medium Apologies. Bigger deals, which is slightly higher than the global average copy of the $ billion... Angela Strange quipped that every company will be a fintech company a private company with a $ 3.7B cap! Valued at over $ 1B USD via venture funding round seeing a of! In 2021 and previous years edtech was not spared affected by the over-valuation of the $ billion... For Q4 below pre-pandemic levels, at a time of record-high job turnover, keeping employees supported... Study resources ( higher ) is the Nasdaq US Small cap software companies get recalibrated makes sense you! The 2021 year end total to 32 the green line ( higher ) is market.