Softbank leads $83 mln investment in Brazil education startup Descomplica
SAO PAULO, Feb 18 (Reuters) - A group of investors led by Softbank Group 9984.T has invested 450 million reais ($83 million) in Brazilian test-prep startup Descomplica, which has seen demand for its online learning services surge in the pandemic, the company said on Thursday.
Descomplica said it would use the funds to make acquisitions and develop new products, including 33 new courses by next year.
"We want to create the biggest university in Brazil, quickly reaching 1 million students with a 100% digital model," said Marco Fisbhen, Descomplica's founder and chief executive.
Brazil's biggest education group, Cogna Educação SA COGN3.SA, had just under 820,000 students enrolled in its Kroton higher education division at the end of September, according to quarterly earnings.
Founded in 2011 with a focus on preparing for standardized tests to enter university and civil service, Descomplica launched undergraduate courses last year. The company boasts 5 million monthly users between test-prep and higher education students after a boost from pandemic lockdowns.
Along with Softbank, investors in the round include Invus Group, the Chan Zuckerberg initiative and U2 guitarist The Edge.
($1 = 5.40 reais)
(Reporting by Aluisio Alves Writing by Marcelo Rochabrun; Editing by Cynthia Osterman)
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