The test preparation industry in Europe is a flourishing sector focused on equipping students with the necessary skills and knowledge to excel in their exams. This industry includes companies that offer online courses, tutoring, and digital resources, catering to learners of all ages. Innovations in technology have driven the rise of online platforms and mobile apps, making education more accessible and tailored. With an increasing emphasis on personalized learning and technology integration, the industry is rapidly evolving. Insights suggest a growing trend towards incorporating artificial intelligence and interactive tools to enhance the learning experience further.


Among the top investors in the test preparation space, notable names include venture capital firms and private equity groups headquartered across key European cities like London, Paris, and Stockholm. Founded between 1980 and 2019, their deal counts vary, with some firms initiating multiple transactions in 2024 alone. Investors range from small teams to global players, all committed to driving innovation in education technology and shaping the future for aspiring learners. This dynamic is attracting increasing attention as the demand for effective test preparation grows.


Top 14 Test Preparation Investors in Europe


1. SoftBank Investment Advisers


SoftBank Investment Advisers, also known as the SoftBank Vision Fund, is a venture capital fund founded in 2017 and based in London, England. The fund specializes in investing in technology-focused companies, particularly those innovating in artificial intelligence and education technology. With a diverse portfolio, SoftBank has made notable investments in the education sector, including significant funding rounds for Unacademy, which raised $440 million in Series H and $150 million in Series F, both aimed at enhancing online learning and test preparation resources. Additionally, they invested in Atom Learning, which raised over $25 million in Series A, focusing on providing educational tools for students. Their involvement with GoStudent, an EdTech company, further emphasizes their commitment to supporting platforms that facilitate learning and preparation for academic success. Overall, SoftBank's investments reflect a strategic interest in fostering technological advancements in education, making them a relevant player in the test preparation industry.


2. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through a variety of services, including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Bpifrance has been involved in several significant transactions in the education technology sector, particularly in test preparation. Notable investments include SchoolMouv, which raised $1,118,521 in a seed round in 2016, and Nomad Education, which secured $892,708 in a Series A round the same year. Additionally, they invested in Orthodidacte, which raised $1,746,098 in a Series A round in 2015, and Yestudent, which raised $507,771 in a seed round in 2016. These investments highlight Bpifrance's active role in supporting innovative educational solutions, particularly in the test preparation domain.


3. Holtzbrinck Digital


Holtzbrinck Digital is a venture capital firm founded in 2010, based in Flensburg, Schleswig-Holstein, Germany. The firm focuses on investing in innovative startups within the digital education, science, and content sectors. Holtzbrinck Digital provides capital investment and strategic guidance to help these businesses grow and succeed in their respective markets. Notably, they have invested in Lecturio, a platform that offers online courses and resources for medical students, raising significant funds in multiple rounds (over $6 million in total). Additionally, they participated in funding rounds for AMBOSS, a medical education platform that raised €30 million in Series B funding, further emphasizing their commitment to educational technology. Their portfolio also includes tutoria GmbH, which indicates a broader interest in educational services. These transactions highlight Holtzbrinck Digital's active role in the educational sector, particularly in areas that overlap with test preparation.


4. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. With a workforce of over 10,000 employees, Prosus focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology. They serve over two billion customers worldwide and partner with local entrepreneurs to foster community growth and sustainable business practices. Notably, Prosus has made significant investments in the education technology sector, including a $540 million investment in BYJU'S, a leading platform in test preparation. They also led a €300 million Series D funding round for GoStudent, an EdTech company that provides online tutoring services, and invested $80 million in Brainly, a platform that supports students with homework and study help. These transactions highlight Prosus's commitment to enhancing educational resources and services, making them a relevant player in the test preparation industry.


5. DST Global

  • Website: dst-global.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 24
  • LinkedIn: dst_2

DST Global is a London-based venture capital firm founded in 2009 by Yuri Milner, specializing in internet investments. The firm focuses on identifying and investing in some of the fastest-growing and most valuable internet companies globally. DST Global has a diverse portfolio, with notable investments in the education technology sector. For instance, they invested $122 million in Byju's, an Indian online education startup, which is a key player in the test preparation market. Additionally, DST Global has invested in GoStudent, which raised $95 million in 2023 and $244 million in 2021, both of which are platforms that provide tutoring services, including test preparation. Furthermore, their investment in Yuanfudao, which raised $1 billion, also highlights their engagement in the educational technology space. Overall, DST Global's focus on high-growth internet companies includes a significant emphasis on education, making them a relevant investor in the test preparation industry.


6. WestBridge


WestBridge is a private equity firm based in London, England, founded in 2008. The firm specializes in investments in lower mid-market UK companies, providing capital and management expertise to support business growth. WestBridge focuses on established and profitable companies, partnering with ambitious management teams to enhance operations and create shareholder value. Notably, WestBridge led a $35 million Series B funding round for Adda247, a government test preparation platform, in October 2022. They also participated in multiple funding rounds for Vedantu, an education technology firm, which raised significant capital across several rounds, including $100 million in Series D funding in September 2021. These transactions highlight WestBridge's active role in the education sector, particularly in test preparation and related technologies.


7. Partech

  • Website: partechpartners.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1982
  • Headcount: 51-200
  • Number of deals in 2024: 24
  • LinkedIn: partech

Partech Partners is a venture capital firm founded in 1982, based in Paris, Île-De-France, France. The firm specializes in providing funding and support to startups across various sectors, particularly in technology. Partech operates globally and has a diverse portfolio of companies. Among their notable transactions, they led a €30 million Series B funding round for AMBOSS, a medical education platform, which, while focused on medical education, showcases their interest in educational technology. They also invested in Studocu, an Amsterdam-based EdTech startup that raised $50 million in Series B funding to enhance its educational offerings, which can include test preparation resources. Furthermore, their investment in Kartable, an EduTech startup that raised €1.2 million, directly aligns with the test preparation industry, as Kartable provides educational tools that can aid students in their studies and exam preparations. These transactions highlight Partech's commitment to supporting innovative educational solutions.


8. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, founded in 1994. Specializing in private equity, infrastructure, real estate, growth equity, and venture capital, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT invested in Studienkreis, a company focused on educational services, including test preparation, which highlights their engagement in the education sector. Additionally, EQT has made investments in various other companies, such as ILA Vietnam and Struers, showcasing their broad investment strategy. However, the direct connection to the test preparation industry through Studienkreis is particularly relevant for this categorization.


9. Speedinvest

  • Website: speedinvest.com
  • Type: Venture Capital
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: speedinvest

Speedinvest is a venture capital firm based in Vienna, Austria, founded in 2011. The firm specializes in funding early-stage tech startups across Europe, providing both capital and hands-on support to help these startups scale their operations. Speedinvest focuses on various technology sectors, including Deep Tech, Fintech, and SaaS, leveraging a vast network of industry experts to assist their portfolio companies. Notably, Speedinvest has invested in several edtech companies, including Maqsad, a Pakistan-based startup that raised $2.8 million in a seed round, making it one of the best-funded edtech companies in the region. Additionally, Speedinvest has invested in GoStudent, an online tutoring platform that has raised multiple rounds of funding, indicating their commitment to the education sector. These transactions highlight Speedinvest's active role in the edtech space, particularly in areas related to test preparation and educational support.


10. Downing

  • Website: downing.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1986
  • Headcount: 201-500
  • Number of deals in 2024: 8
  • LinkedIn: downingllp

Downing LLP is an investment management firm based in London, England, founded in 1986. The firm offers a range of financial products, including inheritance tax solutions, bonds, and various investment funds, catering to individual investors, financial advisers, and institutional investors. While Downing primarily focuses on sectors such as renewable energy and property finance, they have also made significant investments in the education sector. Notably, they invested in EdPlace, an online platform that provides educational resources and test preparation for students, in both seed and venture rounds in 2015. Additionally, they participated in a Series A funding round for Third Space Learning, which offers one-to-one online tutoring aimed at improving student performance in mathematics and other subjects. These transactions highlight Downing's engagement in the education and test preparation market, aligning with their broader investment strategy that considers environmental and social impacts.


11. Apax

  • Website: apax.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 201-500
  • Number of deals in 2024: 8
  • LinkedIn: apax-partners

Apax Partners LLP is a private equity firm based in London, England, founded in 1981. The firm specializes in managing investments across various sectors, including technology, internet/consumer, healthcare, and services. Apax collaborates with management teams of high-potential companies to drive growth and innovation, serving institutional investors seeking to enhance their capital through strategic investments in private equity funds. Notably, Apax has made significant investments in the education sector, including Revolution Prep, which raised an undisclosed amount in a venture round in June 2021, focusing on online tutoring and test preparation. Additionally, they invested in Cengage Group, which raised funds in July 2007 and is a prominent player in educational content and services, further highlighting Apax's engagement in the test preparation industry.


12. IK Partners

  • Website: ikpartners.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 14
  • LinkedIn: ik-investment-partners

IK Partners is a private equity firm based in London, England, specializing in mid-market investments across Europe. Founded in 1989, the firm focuses on providing capital and strategic support to businesses in various sectors, including Business Services, Healthcare, Consumer, and Industrials. Notably, IK Partners has made significant investments in the education sector, acquiring Studienkreis, a prominent tutoring service in Germany, on November 22, 2017, and Acadomia, a leading tutoring company in France, on May 18, 2018. These transactions highlight IK Partners' commitment to enhancing educational services and outcomes, positioning them as a key player in the test preparation landscape.


13. Seedstars

  • Website: seedstars.com
  • Type: Venture Capital
  • Headquarters: Carouge, Geneva, Switzerland
  • Founded year: 2012
  • Headcount: 201-500
  • Number of deals in 2024: 6
  • LinkedIn: seedstars

Seedstars is a venture capital firm based in Carouge, Geneva, Switzerland, founded in 2012. The firm focuses on supporting startups and entrepreneurs in emerging markets through various programs, including acceleration and growth initiatives, investment readiness, and the operation of entrepreneurship hubs. Seedstars collaborates with governments, investors, and development agencies to foster entrepreneurial ecosystems and drive social and economic development. Notably, Seedstars has invested in several education-related startups, such as Edupass, which raised funds in 2017, and Orcas, an Egyptian live learning edtech startup that raised $2.1 million in 2022. These transactions highlight Seedstars' engagement in the education sector, which may encompass areas related to test preparation, making them a relevant player in this space.


14. Steadview Capital

  • Website: steadview.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: steadview-capital

Steadview Capital Management is an investment management firm based in London, England, specializing in concentrated, long-term investments in high-growth public and private companies. Founded in 2009, the firm has a team size of 11-50 and has been active in various sectors, including education technology. Notably, Steadview Capital has invested in Unacademy, a leading online learning platform that focuses on test preparation, raising significant funds in multiple rounds, including $50 million in Series D and $110 million in Series E funding. Additionally, they participated in the Series D funding round for Leap Scholar, an edtech startup that assists students in preparing for higher education abroad. These transactions highlight Steadview's active role in the education sector, particularly in areas related to test preparation.



Test Preparation Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
SoftBank Investment AdvisersLondon, England, United Kingdom (UK)201-500201714
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Holtzbrinck DigitalFlensburg, Schleswig-Holstein, Germany1-1020100
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
DST GlobalLondon, England, United Kingdom (UK)11-50200924
WestBridgeLondon, England, United Kingdom (UK)11-5020081
PartechParis, Île-De-France, France51-200198224
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SpeedinvestVienna, Vienna, Austria51-200201145
DowningLondon, England, United Kingdom (UK)201-50019868
ApaxLondon, England, United Kingdom (UK)201-50019818
IK PartnersLondon, England, United Kingdom (UK)201-500198914
SeedstarsCarouge, Geneva, Switzerland201-50020126
Steadview CapitalLondon, England, United Kingdom (UK)11-5020095


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