Business

Brazilian UOL EdTech raises a round from SoftBank Latin America Fund

The funding amount was not disclosed; company stated that the amount will be used for the development of new teaching and learning solutions in the context of the COVIDpandemic

Softbank Logo at The entrance to the office in Tokyo, Japan
Photo: Shutterstock

UOL EdTech, a Brazilian technology platform for education, announced on Thursday a round led by SoftBank Latin America Fund, a venture capital fund of the SoftBank Group, one of the largest technology investors in the world. The funding amount was not disclosed.

Alex Augusto, CEO at UOL EdTech, told that the partnership with SoftBank is a relevant validation. “The exchange of experiences on the market will further accelerate our growth and help us achieve the goal of being the largest and most consistent technology player for education in Latin America.”

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According to UOL EdTech, the amount will be used to develop new teaching and learning solutions and expand the catalog of products and services that the company supplies to educational institutions and companies in other segments.

The contribution will also allow the company to expand its operations beyond geographic limits, offering training that people would not have access to in the face-to-face education model.

Education suffered a major blow from the COVID-19 pandemic, with the suspension of face-to-face classes and the urgent need to adapt educators, educational institutions and students to the remote teaching model, with classes taught via digital platforms.

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In this context, technology applied to education has never been more necessary and has led to a significant transformation in the way we teach and learn, making the EdTech segment extremely promising.

“We believe in UOL EdTech’s ability to offer disruptive and efficient technology solutions in such an important market. The company has strategic relevance in the sector,” said Paulo Passoni, SoftBank Latin America Fund managing partner.