Venture Capital/News/ Startup from small Spanish town raises €60m to build the ‘Netflix for Education’ The company has big clients like Google and Vodafone on its books By Tim Smith 1 June 2022 ODILO founder, Rodrigo Rodríguez ODILO founder, Rodrigo Rodríguez \Venture Capital Hoxton Ventures to add a new partner in April By Amy Lewin 17 February 2023 Venture Capital/News/ Startup from small Spanish town raises €60m to build the ‘Netflix for Education’ The company has big clients like Google and Vodafone on its books By Tim Smith 1 June 2022 Spanish digital education startup ODILO, founded in the southern Spanish town of Cartagena, has raised a €60m investment round, led by Bregal Milestone. What does ODILO do? ODILO describes itself as the “Netflix of education”, and partners with other organisations wanting to build engaging e-learning courses. Its clients include Google, Vodafone, Beijing University and 19 different governmental organisations. Who’s invested in ODILO? Bregal Milestone, a London-based growth capital firm, took the whole round. Swanlaab Venture Factory, a Madrid-based venture builder. CDTI, the Centre for the Development of Industrial Technology, a public investment body connected to the Ministry of Science and Innovation. Early backers of the startup also include Madrid-based Kibo Ventures. The state of the edtech market Edtech startups have benefited from a big pandemic-fuelled boom, as learning was forced online around the world. In 2021, edtech startups raised €1.5bn in funding — double the figure for the previous year. Other exciting European companies in the space include Norway’s Kahoot!, which became a unicorn in 2020 after raising $28m; Vienna-based GoStudent, which raised €300m in January 2022, and Danish Labster, which raised $47m in April 2022. Sifted’s take As we’ve seen with healthtech stock prices crashing in recent months, edtech may have had been over-inflated as a result of the pandemic. Now, as children return to classrooms and workers return to offices, we’ve seen consumer-facing edtech startups like Domestika laying off staff. Business-to-business edtechs like ODILO are likely to be more resilient, as remote working for staff remains popular even after lockdowns have ended. Related Articles What are LPs looking for? By Amy Lewin Click here to read more Sovereign wealth funds are betting big on European tech By Freya Pratty Click here to read more Do we really need ‘deeptech’? By Nicolas Colin Click here to read more Rich Europeans need to invest 10% of their money into tech and stop buying stupid stuff like hotels By Maija Palmer Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?