Spotlight on Impact: Education

At Anthos, we view education through two lenses – as a societal imperative, and as a compelling area for impact-driven investment. Our approach focuses on identifying solutions that expand access, improve quality and enhance learning outcomes — while also supporting employability and economic participation.

Education: Scaling access through innovation

We believe that both public and private sector players have a critical role to play in advancing education systems globally. Within this, education technology stands out as a particularly key enabler. By delivering high-quality content in scalable and cost-efficient ways, technology has the potential to reach individuals who might otherwise be excluded from formal education systems.

From adaptive learning platforms to digital education services, these innovations are transforming how education is delivered — making it more personalised, flexible and accessible across geographies and income groups.

Focusing on underserved communities

A core element of our investment focus is directed towards underserved segments and those facing structural barriers to education, whether due to socioeconomic constraints, geographic isolation, or limited literacy and employment opportunities. By investing in solutions that specifically target these groups, we aim to contribute to reducing inequality in education access and outcomes. This includes supporting initiatives that promote literacy and numeracy, as well as broader pathways to skills development and employment.

Aligning capital with global goals

Our education investments are aligned with the Sustainable Development Goals, in particular SDG 4, which focuses on quality education for all. Within this, we prioritise sub-goals centred on access to primary and secondary education, as well as literacy and numeracy for both youth and adults.

This alignment helps to direct capital towards areas where the need — and potential for measurable impact — is greatest.

Investing in solutions that deliver lasting impact

In practice, this translates into investments across a range of education-related products and services. These may include education technology platforms, publications and learning materials, as well as services that support both formal and informal learning pathways. Across these areas, we seek to back solutions that combine strong fundamentals with clear potential to deliver meaningful, measurable outcomes — recognising that education is not only a foundation for individual advancement, but also for sustained societal progress.

Why Investing in Education Matters

Education is widely recognised as a pivotal driver of individual opportunity and long-term economic development, yet access to quality education remains uneven across the globe. Progress towards SDG 4 has been slow, with large segments of the population still unable to achieve even basic learning outcomes, underscoring that access is not only about enrolment but also about quality and effectiveness.

According to the World Bank, 7 out of 10 children in low- and middle-income countries cannot read a simple text by age 10^[1] — evidence of persistent gaps in foundational learning yet at the same time, reminding us of the disparities in access to education particularly in underserved and marginalised communities which continue to limit pathways to employment and economic participation. Private capital, when deployed with intention, can therefore play an important role in addressing these gaps.

By investing in scalable education solutions, particularly technology-enabled models, it is possible to expand access to high-quality learning while improving outcomes and relevance to labour market needs. Education technology, increasingly capable of delivering personalised and flexible learning at scale, offers a pathway to reach individuals who would otherwise remain excluded from formal systems.

In this context, investing in education is not only a response to systemic inequality — it is also a strategic opportunity. Evidence shows that each additional year of schooling can increase earnings by around 10%^[2],[3], reinforcing education as a cross-cutting theme linking education, productivity and economic growth. By supporting solutions that expand access and improve learning outcomes, investment in education^[4] helps unlock human potential, reduce inequality and contribute to more inclusive and resilient economies.

Photo — courtesy of Learn Capital/NewGlobe

What Impact looks like in Education

In education, impact is ultimately reflected in the extent to which individuals gain meaningful access to learning and are able to translate that learning into improved life opportunities. This includes expanding access to quality primary and secondary education, strengthening literacy and numeracy, and enabling lifelong learning pathways that enhance employability and economic participation. Impact also involves reducing inequities by reaching underserved and marginalised populations, ensuring that education systems are inclusive and adaptable to diverse needs. Increasingly, the use of scalable solutions — particularly technology-enabled and adaptive learning — plays a critical role in improving both the accessibility and quality of education. At its core, impactful investment in education delivers measurable improvements in learning outcomes while empowering individuals to participate more fully in society and the economy.

Our Theory of Change

Our Theory of Change in education is grounded in the belief that targeted, well-directed capital can help remove structural barriers to learning and unlock pathways to opportunity at scale. By investing in scalable solutions and particularly those enabled by technology and innovative delivery models, we aim to help expand access to high-quality education for underserved populations and improve learning outcomes across diverse contexts. Through a focus on inclusive access, enhanced quality, and relevance to labour market needs, these investments intend to contribute to stronger literacy, skills development and employability. Over time, we expect this to translate into greater economic participation, reduced inequality and more resilient communities — demonstrating how capital, when applied with intention, can help drive systemic and lasting change.

"Closing the education access gap — particularly by focusing on underserved populations — has a multiplier effect: improving individual life chances while supporting broader economic growth, social mobility and community resilience."
— Anthos Impact Team, 2026

How This Works in Practice at Anthos (Fund Manager Selection and Engagement, and Portfolio Company Examples)

One way we place this theory to work is through our allocation to and engagement with fund manager, Learn Capital.^[5] Founded in 2009, Learn Capital was the first venture firm to focus exclusively on reshaping education and human capital development. Today, with $1.2B in AUM, 10 unicorns, and a strong track record of IPOs and exits^[6], the firm continues to back early- and growth-stage companies reimagining how people learn, work, and thrive.

Learn Capital

Learn Capital invests in companies leveraging technology and AI to expand access to education, strengthen workforce readiness, and improve economic opportunity. The firm backs scalable solutions that improve outcomes, particularly for underserved communities. Beyond capital, Learn actively shapes the ecosystem through research, stakeholder engagement, and the promotion of responsible AI adoption. Its approach combines the efficiency and personalization enabled by AI with evidence-based educational practice, helping portfolio companies deliver stronger learner outcomes at scale.

"If we want real scale and lasting impact, we need venture capital. The right investors can help build tools that actually work, get them into the hands of real learners, and push for outcomes that matter."
— Learn Capital Outcomes Report, 2025

A strong focus on evidence, data, and impact measurement ensures solutions are credible, scalable, and adopted within public systems, while advancing ethical, transparent, and equitable AI frameworks. Together, these efforts contribute to improved outcomes, reduced learning gaps, and more resilient education systems. Learn Capital has successfully backed many leading learning and teaching platforms including Coursera, Udemy, Amplify, and Andela. Below, we highlight a current portfolio company, NewGlobe.

Portfolio Company: NewGlobe — Learning Gains at Scale

Learn Capital reports that NewGlobe works with governments to transform public education systems and improve learning outcomes for millions of students. By combining proven pedagogy, intensive teacher support, and data-driven school management, the company enables millions of students across emerging markets to achieve stronger outcomes in foundational literacy and numeracy.

According to NewGlobe, the company is demonstrating that meaningful improvement in public education systems may be achievable at scale. By partnering directly with governments across Africa and Asia, NewGlobe reports delivering consistent, measurable learning gains for millions of students through system-wide transformation rather than isolated pilots.

NewGlobe’s model centers on disciplined execution: structured, curriculum-aligned instruction, real-time data visibility, and continuous teacher coaching. This ensures that every classroom, regardless of context, can deliver high-quality, equitable learning. At scale, this approach is delivering significant, independently validated improvements in literacy and numeracy, supported by rigorous evidence (including large randomized studies)^[7].

NewGlobe stands out globally for its:

• Government-Aligned Models: Institutionalized partnerships with ministries, from Lagos to Monrovia
• Data-Driven Design: Dashboards, coaching, and feedback loops rooted in daily classroom activity
• Evidence-Based Credibility: Advanced evidence tier; trusted by public sector leaders and researchers

Through NewGlobe’s customized government partnership programs like EdoBEST, RwandaEQUIP, and Liberia’s LEAP, NewGlobe is transforming education where change is hardest and needed most.

NewGlobe’s Impact

NewGlobe partners with governments to drive system-wide education reform, combining structured teaching, real-time data, and rigorous evidence to deliver proven learning gains at scale. In 2023–24, NewGlobe supported 3.35 million students across 5,818 primary and secondary schools^[8], marking the largest year-over-year increase in company history. The company’s platform now generates and analyses more than one billion data points annually, enabling continuous improvement across teaching, school leadership, and system performance.

According to Learn Capital, NewGlobe operates across emerging markets — primarily Nigeria and Rwanda, with programs in Kenya, Uganda, India, and Liberia — reaching millions of learners through government-owned and government-supported school systems. The company maintains a strong focus on equitable access to quality education, with girls representing 49% of students served^[9].

NewGlobe reports that its model is driving measurable improvements in both the quality and outcomes of education. In Rwanda, students received an additional three hours of high-quality instruction per week^[10], while across programs, significant gains have been recorded, including a 38 percentage point reduction in non-readers, several months’ additional learning in mathematics, and marked improvements in literacy and numeracy performance^[11]. These results are consistent with findings from a randomized controlled trial led by Nobel Prize-winning economist Michael Kremer, which found that NewGlobe’s methodology produced among the largest learning gains measured in international education^[12]. According to the study, primary students gained nearly an additional year of learning relative to peers in traditional schools, while early childhood students gained approximately a year and a half of additional learning — placing the results in the top 1%^[13] of rigorously evaluated education interventions in emerging markets. These outcomes are reinforced through ongoing research partnerships and a continuous focus on inclusion, measurement, and evidence-driven improvement across entire public education systems.

Photo: courtesy of Learn Capital/NewGlobe

How AI is Accelerating NewGlobe’s Impact

While NewGlobe’s impact is rooted in pedagogy, teacher support, and system-level accountability, it reports that generative AI is increasingly helping the company scale those capabilities more efficiently across millions of learners and diverse geographies:

• NewGlobe deployed large language models (e.g., Claude 2) to auto-generate teacher guides from structured lesson content.
• This reduced average production time from ~4 hours to under a minute per guide while preserving content quality and alignment.
• In 2024 alone, the AI tool saved an estimated 120,000 hours of manual labor and over $800,000 in content development costs.
• The tool now supports multi-language content generation, essential for localizing instruction in emerging markets.

Source: All figures above from Learn Capital, NewGlobe

"We now know with confidence that GenAI can further our organization’s impact… and deepen the moat against our competitors."
— Tim Sullivan, Chief Academic Officer, NewGlobe

Source: external partner communications (Learn Capital, NewGlobe); views are their own.

While NewGlobe’s core impact stems from system design and pedagogy, AI is emerging as an efficiency accelerator by enabling faster, more cost-effective scaling of NewGlobe’s already proven model.

A Final Thought

By investing in solutions that seek to expand access to learning, Anthos aims to create lasting value for both our clients and the communities these investments serve, with the goal of helping shape a more equitable future. Ultimately, our focus on education reflects Anthos’ conviction that capital can be a force for good — advancing human dignity and more inclusive societies.

Interested in our other Spotlights on Impact?
For Healthcare follow the link.
For Financial Inclusion please follow the link.
For Climate please follow the link.

This communication is for informational purposes only and does not constitute investment advice or an offer. The value of investments may fluctuate. Past performance does not predict future returns. Past outcomes are not indicative of future financial returns.Impact outcomes described herein are based on data provided by fund managers and portfolio companies and have not been independently verified by Anthos. Actual impact may vary and depends on factors outside Anthos’ control. References to third-party research represent the views of those researchers and should not be construed as guarantees of future outcomes.
Anthos (trade register number 34258108) is authorised by the Netherlands Authority for the Financial Markets.

Footnotes

1. Learn Capital, World Bank (2022). State of Global Learning Poverty. worldbank.org
2. How effective education spending can reduce poverty and boost earnings (World Bank).
3. Education financing: What you need to know | UNESCO.
4. While education investments offer potential for impact, outcomes depend on many factors such as government policy, implementation quality, and local infrastructure.
5. Through active engagement demonstrated by taking a thinking-along mentality and applying creative problem solving and shared accountability, Anthos has made a material contribution to Learn Capital’s impact framework.
6. All figures courtesy of Learn Capital; for more information, please see Learn | About.
7. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).
8. Learn Capital.
9. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).
10. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).
11. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).
12. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).
13. Learn Capital, NewGlobe (Learn Capital 2025 Annual Outcomes Report).