South African-based Naspers on Wednesday announced its first investment targeting the Education Technology (EdTech) market. Through its Naspers Ventures division, the company led a $15 million Series B investment in social learning network, Brainly.
Naspers also announces opening of San Francisco office – aimed at tapping U.S. technology companies for strong global growth.
“Over 60 million students in 35 countries interact with Brainly every month.” said Michal Borkowski, CEO of Brainly. “We are convinced that our partnership with Naspers will allow us to accelerate this exciting growth globally, and double down on our focus in the United States.”
Naspers is one of the largest technology investors globally and has helped build and grow some of the world’s most successful internet companies. The operating and investment strategy is to back innovative companies where there is high potential to create value over time.
Finding new segments and markets such as EdTech with significant global potential will continue the company’s growth.
“Naspers Ventures’ remit is to find investment opportunities for Naspers beyond our traditional markets/segments but that are a strategic fit for the company,” said Naspers Ventures CEO Larry Illg.
“We are looking for companies and leaders with high potential and the ambition to have significant global impact. Education is a sizeable market that has not yet seen the technology impacts we have seen in other sectors, but we are now seeing dramatic innovations appearing. That makes EdTech a perfect fit for Naspers Ventures.”