Global EdTech Unicorns

The Complete List of Global EdTech Unicorns

Global EdTech Unicorns

A unicorn startup or unicorn company is a private company with a valuation over $1 billion USD priced via a venture funding round. Unicorns are ‘startups’, i.e they do not include 'post-exit', acquired or listed companies, nor do they include ‘mature’ incumbents.

As of January 15, 2023, there are now 13 EdTech Unicorns around the world, collectively valued at $34B. The number of EdTech Unicorns in HolonIQ's list has reduced by 29 companies in the last 12 months (HolonIQ's Jan 2023 and Jan 2024 Valuation Reviews).

No EdTech Unicorns joined the list through 2023 and HolonIQ removed 16 companies from the list in our annual review (Jan 2024), assessed as 'lapsed' based on the period elapsed since the last funding round and the valuation of that round, taking Jan 2024 consensus valuation multiples into consideration.

There were no exits in 2023.

‍Recent EdTech Unicorn Developments

Changes to this list will be published here for the trailing 24 months. See previous changes in the log below the list.

🇮🇳 Byju’s, once valued at $22B, has been revalued by major investors at less than $1B and accordingly is removed from the list in Jan 2024.  

🇺🇸 Course Hero, Outschool, Masterclass, Paper, Andela, ClassDojo, Domestika, Simply (JoyTunes), Newsela, GoGuardian and Quizlet all removed from the list in Jan 2024, assessed as ‘lapsed’. These companies generally completed their last funding round more than 24 months ago at valuations that based on today’s multiples imply a sub $1B valuation by a material margin of error. Companies may be returned to the list following a publicly disclosed priced equity round with a valuation > $1B or by providing information that supports a mark-to-market valuation greater than $1B.

🇮🇳 Unacademy, Lead School, Physics Wallah and Vedantu all removed from the list in Jan 2024, assessed as ‘lapsed’. These companies generally completed their last funding round more than 24 months ago at valuations that based on today’s multiples imply a sub $1B valuation by a material margin of error. Companies may be returned to the list following a publicly disclosed priced equity round with a valuation > $1B or by providing information that supports a mark-to-market valuation greater than $1B.

🇺🇸 Articulate is removed as it is now 20 years old and assessed as a mature incumbent.

The Complete List of EdTech Unicorns

Company
Country
Cluster
Unicorn Year
Last Round
Type
Valuation
🇺🇸 United States
Capability Dev
2021
Oct 2021
$300M Series E
$4.7B
🇺🇸 United States
UpSkilling
2019
Jun 2022
$175M Series F
$4.4B
🇺🇸 United States
Career Planning
2021
Jan 2022
$200M Series F
$3.5B
🇦🇹 Austria
Tutoring
2021
Aug 2023
$95M VC Top Up
$3.4B
🇨🇦 Canada
International Study
2020
Aug 2021
$300M Series D
$3.2B
🇮🇳 India
OPMs
2021
Mar 2022
$350M Debt Round
$3.2B
🇺🇸 United States
Curriculum
2016
Jun 2021
$300M Series C
$3.0B
🇮🇳 India
OPMs
2021
Mar 2023
$36.4M VC Top Up
$2.3B
🇦🇺 Australia
UpSkilling
2021
Mar 2023
$30M VC Top Up
$2.0B
🇺🇸 United States
Learning Environment
2021
May 2021
$550M PE Round
$2.0B
🇬🇧 United Kingdom
Apprenticeships
2022
Jun 2022
$220M Series D
$1.7B
🇺🇸 United States
Skills Verification
2021
Feb 2022
$50.9M VC Top Up
$1.4B

Company

Country

Cluster

Unicorn Year

Last Round

Type

Valuation

Sweden

Energy

2019

Jun 2021

$2.8B VC Round

$11.8B

China

Vehicles

2017

Nov 2021

$152M Series D

$7B

Company
Qiyuan Green Power
ProLogium Technology
Formation Bio (formerly TrialSpark)
Colossal Bioscience
Zwift
Gympass
Alto Pharmacy
Verily
Orca Bio
Freenome
Sidecar Health
Ultima Genomics
Thirty Madison
PathAI
Owkin
Maven Clinic
Mammoth Biosciences
Evidation Health
HealthCare.com
Capsule
Cadence
Accutar Biotech
Wheel Health
Omada Health
Visby Medical
NexHealth
ArsenalBio
BostonGene
BioIntellisense
BillionToOne
Bellabeat
Athletic Greens
AKASA
Headway
IntelyCare
Rightway
Capital Rx
Whoop
Rakuten Medical
Viz.ai
Elemy
Honor
Modern Health
Crossover
Synthego
Valo
Kallyope
Asimov
Included Health
EverlyWell
Alzheon
Everly Health
Nomi Health
Inscripta
Imperative Care
Treeline Biosciences
Forward
MasterControl
Clipboard Health
Equashield
Tonal
Generate Biomedicines
Papa
Altos Labs
Nimble Rx
Clarify Health
HeartFlow
Strava
Collective Health
Cult.Fit
Orna Therapeutics
Athelas
Element Bioscience
K Health
Unite Us
Truepill
Transcarent
DispatchHealth
Saliogen Therapeutics
Incredible Health
Zocdoc
Opentrons
Tessera Therapeutics
Virta Health
Calm
SWORD Health
Cambrian BioPharma
Neuralink
Medable
Somatus
Insitro
Spring Health
Parallel
Carbon Health
Color
Innovaccer
Cedar
Komodo
Aledade
Commure
Country
Cluster
Road Vehicles
Battery Energy Storage
Clinical Trials
Genomics
Physical Fitness
Physical Fitness
Pharmacies
Clinical Insights
Genomics
Decision Support
Health Insurance
Genomics
Chronic Care
Decision Support
Clinical Insights
Telehealth
Genomics
Analytics
Health Insurance
Pharmacies
Remote Monitoring
Health Discovery
Telehealth
Chronic Care
Lab Testing
Bookings & Referrals
Health Discovery
Decision Support
Devices
Lab Testing
Wearables
Nutrition and Supp
Analytics
Mental Health
Staffing
Benefits
Pharmacies
Devices
Health Discovery
Practice Management
Social Care
Social Care
Mental Health
Hospitals
Genomics
Health Discovery
Precision Medicine
Genomics
Telehealth
Telehealth
Health Discovery
Point of Care Testing
Practice Management
Genomics
Devices
Precision Medicine
Primary Care
Practice Management
Staffing
Devices
Physical Fitness
Precision Medicine
Bookings & Referrals
Health Discovery
Pharmacies
Analytics
Decision Support
Physical Fitness
Health Insurance
Physical Fitness
Drug Production
Chronic Care
Genomics
Telehealth
Bookings & Referrals
Pharmacies
Bookings & Referrals
Home Health
Genomics
Staffing
Bookings & Referrals
Health Robotics
Genomics
Chronic Care
Mental Health
Chronic Care
Precision Medicine
Devices
Clinical Trials
Chronic Care
Health Discovery
Mental Health
Wellbeing
Telehealth
Population Health
Analytics
Practice Management
Primary Care
Analytics
Analytics
Unicorn Year
2024
2020
2021
2023
2020
2019
2020
2020
2020
2020
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2023
2022
2021
2023
2020
2019
2022
2021
2021
2021
2021
2022
2021
2022
2023
2020
2020
2020
2020
2021
2021
2021
2022
2022
2022
2022
2022
2021
2021
2021
2021
2022
2022
2017
2020
2019
2021
2022
2022
2021
2021
2021
2021
2022
2021
2022
2022
2015
2021
2022
2020
2019
2021
2021
2021
2021
2022
2021
2021
2019
2021
2021
2021
2021
2021
2021
2021
Last Round
Type
$211.2M Series B
Undisclosed Corporate round
$156M Series C
$10.5M VC Round
$450M Series C
$85M Series F
$120M Series F
$1B Corporate Round
$192M Series D
$290M Corporate Round
$125M Series C
$600M VC Round
$140M Series C
$100M Debt
$50M Series B
$90M Series E
$150M Series D
$153M Series E
$31.5M Series C
$300M Series D
$100M Series B
$28.5M VC Round
$150M Series C
$80M Debt
$35M Series E
$125M Series C
$220.8M Series B
$150M Series B
$45M Series B
$48.5M Series C
$22M Series C
$115M VC Round
$60M Series B
$125M Series C
$115M Series C
$100M Series C
$50M VC Round
$200M Series F
$104.8M VC Round
$40M VC Round
$219M Series B
$70M Series E
$74M Series D
$168M Series D
$200M Series E
$110M Series B
$8.2M Grant
$175M Series B
$175M Series E
$75M VC Round
$1.7M VC Round
$200M VC Round
$110M Series A
$4.4M VC Round
$260M Series D
$261.3M Series A
$75M Series E
$150M Series A
$30M Series C
$300M PE round
$130M VC Round
$273M Series C
$150M Series D
$3B Series A
$14.7M VC Round
$150M Series D
$215M Series F
$110M Series F
$280M Series F
$145M Series F
$221M Series B
$59.4M VC Round
$276M Series C
$59M VC Round
$150M Series C
$142M Series D
$200M Series C
$330M Series E
$115M Series B
$80M Series B
$150M PE round
$200M Series C
$300M Series C
$133M Series E
Undisclosed VC Round
$163M Series D
$100M Series C
$323.2M Series D
$304M Series D
$325M Series E
$400M Series C
$71M VC Round
$38M Debt
$100M Series D
$100M Series E
$150M Series E
$68.4M Series D
$260M Series F
$200M VC round
$70M VC Round
Valuation
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EdTech Unicorn Change Log

Changes to the above list, older than 12 months are published below.

🇨🇳 Changingedu, Golden Education, Hetao101, Huohua Siwei, Huike, HuJiang, Knowbox, VIPKid, Yuanfudao, Yunxuetang and Zuoyebang all removed from the list in Jan 2023, assessed as 'lapsed'. The companies have been subject to major changes in the Chinese education regulatory environment. Companies may be returned to the list following a publicly disclosed priced equity round with a valuation > $1B.

🇺🇸 Udacity removed from the list in Jan 2023, assessed as 'lapsed'. The company has not completed a priced equity round for more than 5 years. Udacity may be returned to the list following a publicly disclosed priced equity round with a valuation > $1B.🇺🇸 ClassDojo joined the list in Jul 2022, raising a $125M Series D.

🇬🇧 Multiverse joined the list in Jun 2022, raising a $220M Series D.

🇮🇳 Physics Wallah joined the list in Jun 2022, raising a $100M Series A.

🇨🇦 Paper joined the list in Feb 2022, raising a $270M Series D.

🇮🇳 Lead School joined the list in Jan 2022, raising a $100M Series E.

🇺🇸 Domestika joined the list in Jan 2022, raising a $110M Series D.

🇺🇸 Udemy left the list in Oct 2021 via IPO, raising $421M with a $3.7B market cap.

🇺🇸 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.

🇺🇸 GoGuardian joined the list in August 2021, raising a $200M PE Round.

🇺🇸 Duolingo left the list in July 2021 via IPO, raising $521 million with a $5B market cap.

🇺🇸 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.

🇮🇱 JoyTunes (now Simply) joined the list in June 2021, raising a $50M Series D.

🇨🇳 Zhangmen left the list in June 2021 via IPO, raising nearly $42 million with a $2B market cap.

🇺🇸 Masterclass joined the list in May 2021, raising a $225M Series F.

🇺🇸 Handshake joined the list in May 2021, raising a $80M Series E.

🇺🇸 Outschool joined the list in April 2021, raising a $75M Series C.

🇺🇸 Degreed joined the list in April 2021, raising a $153M Series D.

🇺🇸 Coursera left the list in March 2021 via IPO, raising nearly $520 million at an implied $4.3 billion valuation and closing the day up 36%, giving Coursera a market cap of $5.9 billion at the end of its first day of trading.

🇨🇳 Yunxuetang (云学堂) joined the list in March 2021, raising a $190M Series E.

🇺🇸 BetterUp joined the list in February 2021, raising a $125M Series D.

🇺🇸 Newsela joined the list in February 2021, raising a $100M Series D.

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