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Ubits, a Colombian corporate training startup, has raised US$25 million in a series B investment round, which was led by the Riverwood Capital fund. Thanks to this investment, the EdTech platform will seek its expansion towards the European continent, specifically in Spain.
Other investors such as Roble Ventures, Endeavor Catalyst and Owl Ventures also participated in this Series B investment round. In fact, this fund is specializes in EdTech and has invested in companies such as Masterclass and Degreed.
Their plans to reach Spain also include the goals of tripling sales; consolidating their presence in Central America, as well as in Colombia, Mexico, Peru and Chile; doubling their number of collaborators and employees, which at the moment are 286; and strengthening their platform with machine learning and artificial intelligence to personalize recommendations based on the professional interests of each student.
Ubits offers short content focused on the skills that companies seek to encourage in their employees. In this way, companies save on training costs since they do not need to train within their facilities and their employees can choose from a wide variety of content on a single platform.
Edtech Continues to Rise
According to a research study by Research and Markets, the growth of online education will not stop. On the contrary; as a result of the pandemic, learning and acquiring new knowledge online has been able to reach more users. The e-learning sector is expected to be worth US$325 billion by 2025.
Previously, edtech platforms were offered only for end users. Now, a B2B strategy is becoming more common in that these companies offer their courses and programs to employees of various companies. For example, within their educational offer, Ubits has alliances with technology companies such as Stanford University and Coursera.
Edtech remains an attractive sector for investors. During the first half of 2021, around US$299 million were invested in startups in this sector in Latin America and the Caribbean. That’s 3.6 times more than last year, according to HOLON IQ in its 2021 Latin America EdTech 100 ranking.
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