Edtech has had a standout two years.

While many schools have returned to in-person instruction after virtual learning accelerated the adoption of education technologies, the sector still saw a spike in funding last year.

VC-backed companies in the education space raised more than $20 billion last year, up from around $14.6 billion in 2020, per Crunchbase data. The sector also saw a number of high-profile companies exit to the public markets, with companies including Coursera,  and  doing initial public offerings.

Now, the space is primed for investment across the board, according to Amit Patel of education-focused investment firm Owl Ventures.

“We’re very much in the beginning stages of what’s going to be a significant opportunity across all of those areas,” Patel said.

The foundation for the edtech funding boom was laid years ago. With more investment in technology infrastructure for schools over the past decade, edtech companies can now scale, he said.

Some of those investments in infrastructure include government investment in connectivity and devices for schools, such as broadband internet, tablets and mobile connectivity. And more connected students with devices means more customers.

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