Peru has a history of innovation in education led by change-makers who have taken concrete steps to improve students’ learning experience. These initiatives include: Laboratoria, founded by Mariana Costa, Enseña Perú, part of Teach of All, Innova Schools, a chain of private K-12 schools, and UTEC, a private engineering university in Lima.
With these positive private sector and not-for-profit initiatives, it is only natural that Peru’s startups are following the same path and delivering technological solutions to further address the need for better education in the country. And it’s no wonder Peru stands out as a leader in Latin America for innovation in education.
When Crehana, Peru’s preeminent startup, came onto the scene in 2014, it validated Peruvians’ thirst for learning and willingness to pay for quality education. ALIVE Ventures, one of Crehana’s investors, published an impact report showing that 77% of Crehana’s users improved the quality of their life and 73% used the skills they learned in their jobs. Creahana raised the first Series A of a Peru startup in 219 and then added a key family office as an investor.
Motivated by the success of Crehana, startup EdTech founders and investors in Peru launched an array of solutions and the results are showing, not only in startup success but also in fund formation. By 2019, the country was poised to become an Edtech hub in the region.
Today, the variety and depth of the EdTech community in Peru stands out in Latin America. Startups like Amela, Crack the Code, Creacode, Cometa, Cuentologia, Excuela, Holberton School Peru, Kaudal, Konstruedu, Kurios, Laboratoria+, Landa Club, NetZun, Silabuz, Simcase, SkillMapper, TEDI, and uDocz, all offer unique value propositions geared towards learning. A common denominator in many of these startups is the early backing of UTEC Ventures, Peru’s top accelerator program, which is itself part of UTEC.
The EdTech momentum has continued and recent events further validate this strength. In 2021, Crack the Code raised a round led by Kaszek and Kurios entered Y-Combinator. Then in 2022, Udocz raised money from top US venture capital fund GSV, as well as the largest Peru-based venture capital fund, Salkantay Ventures. Finally in 2023, Cuentologia was accepted to the Techstars Miami program and Excuela announced a $400,000 investment from IBD Lab. Excuela was founded by Gonzalo Yrigoyen and is a portfolio company of Lucha, a venture builder in Lima focused on social impact.
Now, to start off 2024, at the IFE Conference at Monterrey Tech, the leading Edtech summit in Latin America, Excuela and NetZun, took first and second place in the conference’s TecPrize 2024.
This startup success has made the case for funds to dedicate more time to the country. Peru is now home to Latin America’s first regional EdTech fund, Winnipeg Ventures. Winnipeg made several Edtech investments in its first fund including, Beereaders, Prendea, Kurios, Simcase, and Aprediendo. It is building off that experience to capitalize on the opportunity across the region with Peru as a home base. Winnipeg’s plans are ambitious, but that is just what is needed.
UTEC Ventures, the leading accelerator in Peru, is investing in hits 10th batch of startups this year. It is part of UTEC, the Technology and engineering university mentioned above.
One of the most prominent Peruvian venture capital investors is Enzo Cavalie, Principal at Reach Capital, a leading US venture capital fund in the EdTech space. Enzo is an EdTech founder in is own right: his company, Startupeable, is a learning resource for thousands of founders and investors across Latin America.
Peru’s large education holding companies are also innovating and collaborating with startups. Enfoca and Intercorp have large education holding companies that are investing heavily in technology for education. Their footprint has already expanded from Peru to other countries in Latin America, including Mexico and Colombia.
Experienced and capable investors have good reason to look at Peru as a starting point for supporting tech entrepreneurs in transforming education across Latin America.
Ruta Startup 