Owl Ventures, the venture capital firm that has backed ed tech unicorns Byju’s and Quizlet, has raised two new funds totalling $585 million.

The group raised $415 million for its fourth fund and $170 million for its first Opportunity Fund.

Owl Ventures will use proceeds to accelerate its strategy of making early-, growth- and later-stage investments in ed tech companies across the world, in subsectors including early years, K12, higher education and further education.

Based in California, Owl Ventures is an ed tech-focused investment house with more than $1.2 billion in assets under management.

Since its inception in 2014, the fund has been a major investor in fast-growing education start-ups including Degreed, MasterClass (valued at $800 million in May), Quizlet (most recently valued at $1 billion), Byju’s (the world’s first ed tech ‘decacorn’) and WhiteHat Jr (which was acquired by Byju’s last month for $300 million).

Owl, led by managing directors Tom Costin, Amit Patel, Ian Chiu and Tory Patterson, is usually the lead investor in funding rounds and tends to join the boards of companies into which it injects capital.

Date published: 8 September 2020

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