Global venture capital fund GSV Ventures has announced a $7 million investment into Valenture Institute, a global online high school.
Valenture Institute, which offers fully online courses recognised by universities, saw a boost in demand during the pandemic and growth has accelerated, it said in a statement.
It plans to become the world’s biggest online school by 2028, competing with the likes of Crimson Global Academy, an online independent school.
Robert Paddock (pictured), co-founder of the Valenture Institute, said: “The global demand for high-quality online schooling is skyrocketing in the current climate.
“We are absolutely thrilled to be partnering with the GSV team, who have already added immense value to our business through their knowledge, connections and strategic guidance.
“We’re scaling up rapidly, and look forward to working with the GSV team to achieve our goal of becoming the largest and most impactful school on the planet.”
The investment will be used to further global expansion, enhance product offering and build new products, such as new subjects and bootcamps, including coding and data science, the school said.
The money will also fund the launch of the school’s hybrid campuses, which will combine online learning and in-person instruction and socialising. Three campuses in South Africa will open in January 2021.
The school added it plans to open campuses in London, Boston and New York “soon”.
The investor, which focuses on early-stage funding, has previously backed ed tech companies such as Coursera, Photomath and Masterclass.
Deborah Quazzo of GSV said in a statement: “The vision was clear – it’s not about their online experience or blended-learning boutique campuses, it’s about evolving education in a way never seen before.
“We back companies we know have the potential to change the narrative of education. In this case, the Valenture team has the grit, know-how and innovative spirit to change the way we educate all learners around the globe in future – be that primary, secondary or at tertiary level.”
Date published: 16 September 2020