It designates a huge variety of actors (human and nonhuman), organizations (public, private or multisector), material and technical forms (hardware . Enjoy breakfast, WiFi, and a TV. Has the new interest from generalist investors made valuations too bubbly, or is the market growth helping everyone? Required fields are marked *. Mega valuations tend to justify bigger deals, which is reflected in bigger check sizes across all investment stages in 2021. The overall sales in the Edtech market are expected to reach the valuation of ~US$ 74, Bn by the end of 2021. Please create an employee account to be able to mark statistics as favorites. Has the new interest from generalist investors made valuations too bubbly, or is the market growth helping everyone? The green line (lower) is the Nasdaq US Small Cap Software companies index. Learn more about how Statista can support your business. To use individual functions (e.g., mark statistics as favourites, set In higher education, companies like Course Hero are scaling quickly to meet students appetite for digital study resources. They grew it to 8m and just sold in late 2020 for 7 X sales. Where edtech lacks in impressive valuations, investors see it gaining in exit opportunities. The median revenue multiple for EdTech companies in Q4 2021 was 3.7x. My recent experience has been acquisition activities between manufacturing and tech to head towards smart factory; curious what youre seeing. Outschool, which helps schools offer live classes tailored to kids interests, raised two rounds totalling $185 million. Public markets, as the hopeful ultimate buyers of growth-stage investments, are no longer supportive of generous valuations. I have been tracking valuation multiples for tech software companies since 2019. Edtech market reported significant growth since the advent of the COVID-19 pandemic In 2021, a total of 332 merger and acquisition deals were reported in the Edtech sector Recently, Scaler acquired online learning startup AppliedRoots for $50 million Increase in M&A Deals in Edtech Industry Share Published: April 2022 Source: GlobalData The overall sales in the market are expected to reach a valuation of ~US$ 74,239.7 Million by the end of 2021 and US$ 288.4 Billion by the end of 2031. Corporate training continues to capture the lions share. Filling the gap, high-quality bootcamps and online credential programs which lead to salaried jobs continue to grow at about 40 percent annually. Benchmarked against impact peers, Global EdTech funding has the highest level of geographic diversification. Could you please send me Data set. Register in seconds and access exclusive features. The valuation multiples of all publicly traded software companies that have available data is as follows. Exit, Investment, Tech and Valuation. Report The US EdTech VC market was previously defined by two steady five year periods of growth, peaking in 2015 with the acquisition of Lynda.com by LinkedIn and again in 2020 as now household brands such as Coursera, Duolingo and Udemy powered into the pandemic with strong momentum, each of these examples rising to IPO through 2021. The increase in the valuation multiples from March 2019 to September 2020 makes sense when you compare it to the industry performance. Nerdy, the parent company of Varsity Tutors, an online tutoring platform, will be acquired by TPG Pace Tech Opportunities, a special purpose acquisition company. Indian edtech giant Byju's valued at $18 billion in new funding | TechCrunch Indian edtech giant Byju's valued at $18 billion in new funding Manish Singh @ refsrc / 1:54 AM PDT October 4,. Bears are hard to find right now: the sector, once undercapitalized, has brought in $10 billion in venture capital funding globally in 2020. Jason Palmer is General Partner at New Markets Venture Partners, one of the nation's leading education-focused VC firms. Chinas clear EdTech investment leadership position rapidly unravelled through 2021 as the Chinese government initiated a broad range of policies that undermined the fundamental model accelerating EdTech in the country. Age of Learning, the developer of the popular ABCmouse early learning app, scored $300 million. The company, which was able to raise $519 million through the IPO, has a market cap of $5.8 billion. Can I please have a copy of the data set. Would it be possible to share the dataset? According to Future Market Insights (FMI), the demand registered in the edtech market will increase at a healthy CAGR of 14.5% during the forecast period (2021-2031). Following record EdTech venture funding | by Jack Lothrop | GSV Ventures | Medium Write Sign up Sign In 500 Apologies, but something went wrong on our end.. In the broader market, the forward P/E ratio of the S&P 500 has come down from 24x at the beginning of 2021 to 20x today. The distribution chart below, however, shows us a slightly deeper layer to the EdTech sector. The pandemic-accelerated adoption of digital tools in schools was rushed and rocky at best. Looking at revenue valuation multiples, we can see howas a result of the pandemicvaluations for EdTech companies rose throughout 2020 before correcting back to lower levels in the first half of 2021. . (Final numbers are still being tabulated, and not all investments and acquisitions have been made fully public). Altogether, New Markets has now exited 20 edtech investments over the past 14 years, 2U (NASDAQ: TWOU) is down about 60.7 percent and now trading at 1.06x revenue, Udemy (NASDAQ: UDMY) is down 52.4 percent since going public in October 2021 at $29/share, Skillsoft (NYSE: SKIL) is down 50.8 percent, the company went public via SPAC in June 2021 at $10/share, Nerdy (NYSE: NRDY) is down 47.1 percent, the company went public via SPAC in September 2021 at $10/share, Chegg (NYSE: CHGG) is down 43.8 percent due to slowing growth and concerns about profitability, Duolingo (NASDAQ: DUOL) is down 42.0 percent since highs in September 2021; went public in July 2021. Thank you very much for this very practical article.Please enrol me for emailing such articles and data sheets.Thank you very much. Would you mind sharing the data set? Thats really interesting do you care to share more about it? EdTech Public Market Valuations. Edtech has a history of going in booms (when investors find new excitement for the sector) and busts (when investors realize the difficulties in scaling companies in the space). Yunxuetang () joined the list in March 2021, raising a $190M Series E. BetterUp joined the list in February 2021, raising a $125M Series D. Newsela joined the list in February 2021, raising a $100M Series D. Global Insights from HolonIQs Intelligence Unit.Powered by our Global Impact Intelligence Platform. Thank you for reading and for your comment, Sylar! Our firm is committed to be a leading investor driving this trend, which we believe will improve workplace diversity, reduce discrimination, and address the skills, achievement and income gaps in a meaningful way. Inflation is now significantly above interest rates which are likely to increase and reduce the spread, leading to lower valuation multiples. Search and find Santo Antnio car hire deals on KAYAK now. January 4, 2016. The large software companies (i.e. On the other hand, what consolidation do you expect to see? Credly, for example, was acquired for $200 million in January 2022, which represented a valuation multiple of 15.1x LTM revenue. 2022 is likely to be a year of rebalancing towards profitable growth, but our growing industry is likely to see an acceleration of innovation this year and next. Stumbled across your website when looking for multiples data. Hello, thanks for the great article. How employers adapt and innovate in this regard will be key to their ability to recruit and retain talent. Found other useful items as well, thank you! Relative Stock Price Performance Valuation Multiple Analysis Price / Earnings Ratio Growth and Margin Analysis Source: Capital IQ as of market close on December 30th, 2022 Very much agreed if I had the resources to update these multiples more often, they would be way more useful indeed! This has resulted in shorter time frames, bigger checks, and more competition to get in on the hottest deals (not dissimilar to a red-hot housing market). The[sibwp_form id=9] doesnt seem to be working on this or the list signup page; but I would like to download the data. You need a Statista Account for unlimited access. When do you expect to see that change? Oops! Expected NTM growth rates in EdTech are in line with EMCLOUD and ARKK stocks, around the 30% range. A unicorn startup or unicorn company is a private company with a valuation over $1 billion USD priced via a venture funding round. Platforms such as GoStudent, Multiverse, Labster and Open Classrooms set new investment records for the region and broad base European investors. The creator economy, especially as it connects to STEM, design, video and data science. please do share the dataset. For all the sadness and disruption that 2020 brought, it generated a systemic shift in the education landscape that opened the door to startups across the globe to impact the future of learning, at every age.As shared in Brighteye's 2020 market research, demand for EdTech products grew . This is the largest sum of venture capital the U.S. edtech industry has ever seen nearly four times the $2.2 billion total raised in 2020. Constantly beating the market with massive valuations (understand that the big tech really taken over) just makes it tricky to value unlisted young/medium term SAAS businesses. $20.8B of EdTech Venture Capital Investment in 2021 through more than 1,500 Funding Rounds. With addressing learning loss a top priority, districts are turning to services like Paper, which helps schools make 24/7 tutoring available to students. Revenue multiples for B2B SaaS companies declined rapidly throughout 2022, with median multiples for Q4 below pre-pandemic levels, at 5.8x. At the end of 2021, with the announcement from the Fed of interest rate hikes in 2022, the market started pulling back, and the software companies that were once overvalued at the height of the market increase in 2021 fell back. As a Premium user you get access to the detailed source references and background information about this statistic. The Santo Antonio Festival takes place on the historic streets of Alfama, Bica, Bairro Alto, Castelo, and Madragoa. Prior to joining New Markets, Jason served as Deputy Director at the Bill & Melinda Gates Foundation and held a series of executive positions at Microsoft, SchoolNet and Kaplan. PresenceLearning, a provider of teletherapy and other online special education related services, raised $350 million. Hi Jason, you should receive it automatically if you put your email in the field for the file. Thanks for your comment, Alyssa! All vacation and holiday curriculum tutoring is off-limits, online tutoring and school-curriculum teaching for kids below six years of age is forbidden and agencies must not teach foreign curriculum or hire foreigners outside of China to teach. Education technology (EdTech) includes hardware and software technology used to educate students on a virtual level to improve learning in classrooms and enhance . 3:08 PM PST February 21, 2023. Vista recently scooped up PluralSight for $3.5 billion. Get full access to all features within our Business Solutions. Thanks for reading as always and leave a comment if you found it useful!. The pandemic proved a powerful accelerant for Europe EdTech achieving large scale momentum and early stage escape velocity. To be fair, everybody got a boost. But one speculation is that its because government bonds arent worth returns, and so. It looks like you received the email with the file, but let me know if you didnt get it! Its a one-person show here, so please bear with me =). Would love to download data for the software tech companies, but it appears that the links to leave an email address are broken on every page, so replying in the comments here is the only way to communicate (unless I want to use the gmail address which you have warned us not to use. Duolingo was a milestone for Pittsburgh's growing startup scene, as the edtech unicorn is a homegrown company . Ongoing disruptions to childcare services will continue to put considerable stress on parents and their ability to work. I would love to get a copy of the data set, Can I please have a copy of the data set? Lets take a look at what happened in 2022 and where we are now in 2023. The orange line (higher) is the S&P 500 Software industry index. I would like to sell my 20 year old SaaS business, run without external investment. Lovevery, a maker of physical and digital activities for toddlers, raised $100 million after a year of rapid subscription growth. It is an encouraging sign that the public markets are finally warming up to the sector and valuing edtech companies like any other technology peers, at multiples consistent with their business, growth and margins. I think investors from, novice to pro, are all dumbfounded. Once a niche sector with an ambitious vision to transform the way the world learns, EdTech Venture investment is now 40x larger than it was a little over a decade ago in 2010, nearly 5x the previous investment peak in 2015 and 3x pre-pandemic investment levels in 2019. In 2021, the group still in decline will likely include old economy businesses and those in travel, hospitality and events. Finally, the distribution chart for EBITDA multiples below shows a slightly less skewed landscape than the revenue one, indicating that (despite a relatively high variance), valuation multiples relative to profit are more homogeneous than those relative to revenue, reiterating the old adage not all revenue is created equal. The 20 largest deals of 2021, which accounted for two-thirds of the $8.2 billion raised, were spread across all these sectors. Full data set download info below the table. Our valuation multiples are categorised by sector and standard industry classification ("SIC") codes. Ed-Tech Industry #2 - What's it Worth? March 11, 2013. GoGuardian joined the list in August 2021, raising a $200M PE Round. Onwards and upwards! Private Ed Tech Company M&A Valuation Multiples Climb in 2012 and Stand at 2-3x Publicly Traded Education Companies. Microcap companies actually saw a decline. The companies have been subject to major changes in the Chinese education regulatory environment. 6 EdTech Unicorns joined the list through 2022 and HolonIQ removed 12 companies from the list in our annual review (Jan 2023), assessed as 'lapsed'. And this is ultimately why I remain bullish about being an education-to-workforce investor, with a discerning eye for education-to-employment use cases with demonstrated revenue growth, gross margins, total addressable market and most importantly efficacy and ROI. It should be in your inbox if not, it might be in your spam! It should be in your inbox now! 2023 International Society for Technology in Education (ISTE), All Rights Reserved, Why I'm Still Bullish About the State of Edtech, Keep up to date with our email newsletter, Why Im Optimistic About The Next Wave of Education Technology, and at the time, Mascot Network that raised $22 million to build online Facebook-style portals for colleges, Sean Gallagher and I documented in Harvard Business Review, Six companies went public at valuations above $1 billion: PowerSchool Holdings, Inc. (NYSE: PWSC), Duolingo, Inc. (NASDAQ: DUOL), Instructure Holdings, Inc. (NYSE: INST), Coursera, Inc. (NYSE: COUR), Udemy, Inc. (NASDAQ: UDMY), and Nerdy, Inc. (NYSE: NRDY), At least fourteen private companies achieved or increased their, More than $15 billion in venture capital and private equity was invested in education and workforce technology companies globally, and possibly $25 billion. In three other cases that. Valuation of edtech companies in India in 2020 (in million US dollars) [Graph]. When do you expect to see that change? A unicorn startup or unicorn company is a. Weighing 40% of NASDAQ, the Big 10 largest market cap companies effectively acted as a replacement to no interest Bonds, advancing +30% in 2021 while 30% of NASDAQ companies actually declined more than 15% or more during that same period. Chart. Something went wrong while submitting the form. Companies may be returned to the list following a publicly disclosed priced equity round with a valuation > $1B. Articulate joined the list in July 2021, raising a $1.5B Series A. GoStudent joined the list in June 2021, raising a $244M Series C. Go1 joined the list in July 2021, raising a $244M VC Round. Notify me of follow-up comments by email. Refresh the page, check. Here are some observations: The increase in the valuation multiples from March 2019 to September 2020 makes sense when you compare it to the industry performance.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'microcap_co-mobile-leaderboard-1','ezslot_10',114,'0','0'])};__ez_fad_position('div-gpt-ad-microcap_co-mobile-leaderboard-1-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'microcap_co-mobile-leaderboard-1','ezslot_11',114,'0','1'])};__ez_fad_position('div-gpt-ad-microcap_co-mobile-leaderboard-1-0_1');.mobile-leaderboard-1-multi-114{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:7px!important;margin-left:auto!important;margin-right:auto!important;margin-top:7px!important;max-width:100%!important;min-height:50px;padding:0;text-align:center!important}. That is no longer the case after a year that saw Coursera, Duolingo, Instructure, Powerschool, Nerdy (Varsity Tutors) and Udemy go public. But despite edtechs noise, the second installment of our edtech survey shows that VCs think startups havent enjoyed parallel gains from a valuation perspective. It is fascinating to see how the valuation multiples change year over year, reflecting whats going on around the world. Join 80,000+ free weekly newsletter subscribers. Nothing on this page is intended to be or should be construed or taken as accountancy, investment, tax or any other kind of advice. Thanks! Of course, its a simple example and more qualitative and quantitative considerations go into it, but regardless, thats a huge increase in selling price. Cant enter my email address to download the dataset. 1 Bedroom, 1 Bathroom. Thank you, valuable data. Loading my email didnt work. In Q4 2022, FinTech companies in the SEG Index recorded a median EV/Revenue multiple of 5.4x, less than half compared to pre-pandemic levels. He is also Board Chair ofVillage Capital. I got the email to confirm my subscription to your blog, but no dataset. as part of a 10-count acquisition spree in 2021. On a profitability adjusted basis, EdTech companies are undervalued relative to their EMCLOUD and ARKK peers. Undergraduate enrollment continued to decline, falling by 3.5% in fall 2021, following the prior years drop of 4.5% for a combined 7.8% decline since fall of 2019. As per FMI, rapid technological advancements and introduction of learning through. Thank you for the information and the valuable data. Hello, thanks for this great content. Hi there, thanks for your comment. A growing remote and distributed workforce has shown that jobs can still get done outside the office. Its the public market exits that have really lagged and that I hope turns around in 2021 and 2022. Pls send me the data set, this is a very nice article, thanks. Oops! Really interesting things happened since we saw a huge rally in the tech valuation multiples from 2020 to 2021 and then a dip in beginning months of 2021. Toggle between the data set and the averages tabs. In, IVCA. The IPO meant that the company's valuation rose two-fold to its current market cap, wherein. But its still early days for the bootcamp and online course/credential market, despite some feeling like these programs may have peaked a few years ago. Then since the end of March, investors started dumping all their money into the stock market, resulting in a huge spike since then. Udemy went public at a $4.0B valuation and raised its Series F at a post-money valuation of $3.3B, but is worth $1.8B today while other companies such as Coursera and Duolingo have dipped below their IPO prices. Marqus de Pombal. yes pls send 600 company data set as you mentioned. Reach funds people and ideas that empower humans across their lifetimes. We met on Zoom with over 800 founding teams in COVID all over the world. Most EdTech companies have not released Q4 results yet, however, all that have reported were in line with or exceeded forecasts: Coursera ($115M actual vs. $112M forecast), 2U ($244M actual vs. $243M forecast), Udemy ($137M actual vs. $132M forecast) and Chegg ($207M actual vs. $195M forecast). While we would expect to see some correction in private market valuations at some point in the future, the most important thing EdTech companies can do is build world-class businesses by focusing on the 5Ps Framework with strong unit economics, user lifetime value and ROE (Return on Education). Profit from the additional features of your individual account. Tracksuit raises $5M to make brand tracking more accessible. $10M * 4.1x P/S multiple). . The graph above shows software indices from March 1, 2019 to September 18, 2020. Many investors think that the exit environment is set to dramatically change in the next few years. Similar to revenue multiples, the EV to EBITDA multiples for smaller software companies is lower at 11.6x and rises to 14.1x for larger companies. There are very few large IPOs. Impact investing, the broad wave of focus on Environmental, Social and Governance (ESG) investment considerations, combined with rising awareness for the United Nations Sustainable Development Goals (SDGs) has created a new consciousness about social and economic impact. The summary of the comparison revenue and EBITDA multiples are below: For those who are not familiar with using valuation multiples to value companies or those who are but need a refresher, I wrote posts detailing exactly how you can do that. Edtech has traditionally had few exits. But considering that edtech funding accounted for just 1 percent of overall capital invested in previous years, this is a notable step up for a sector that many venture capitalists once hesitated to venture into. Refresh the page, check Medium 's site status, or find. Can you please send me the data set? Whats attracting them? This is more than 3x the number added in any previous year and brings the 2021 year end total to 32. Throughout the past few years, education faced two tremendous challenges. Stay at this apartment in Lisbon. Join our community of 3,000 + Founders, Entrepreneurs & Advisors. Note: What constitutes edtech is broad, as the lines separating education from parenting, productivity, health and other adjacent sectors are increasingly blurred. Such are the tailwinds behind companies like Andela that train and place technical talent. Private equity ownership is an interesting dynamic to be aware of here, especially as Vista recently scooped up PluralSight for $3.5 billion. This shows that while some companies only benefitted temporarily from the effects of COVID-19, there were some winners. Last year, only 25,000 Americans graduated from bootcamps, in comparison to two million bachelors degrees awarded. Changes to the above list, older than 12 months are published below. If theres equal weighting between the valuation methodologies, the company can command a price at least 10% higher. The valuation multiples of all publicly traded software companies that have available data is as follows. But interestingly again, microcap tech companies werent affected by the pull-back. There was a glitch I had to fix. Thanks for the data set found this really useful. Hi Kevin, had to fix a glitch. As a Premium user you get access to background information and details about the release of this statistic. Late-stage EdTech investors have to exercise stronger pricing and valuation discipline. Thanks Sean! As soon as this statistic is updated, you will immediately be notified via e-mail. Or it might have ended up in spam! t should now be up and running and on your way to your email! For older learners, there was MasterClass, which offers celebrity-led courses that blend education and entertainment. Chinas $8B investment collapse was offset in the main by a massive $6B surge from the United States as a highly diversified and generally more mature cohort gained the support of investors new and old to meet the crisis come opportunity to support education and workforce on a broad based digital transformation. The file should be in your inbox now! : Since the beginning of 2021, revenue estimates for FY 2021 and 2022 across the EdTech segment were, with few exceptions, revised upwards. 6 EdTech Unicorns joined the list through 2022 and HolonIQ removed 12 companies from the list in our annual review (Jan 2023), assessed as 'lapsed'. The complete list of Global EdTech Unicorns. **** Valuation 2019 We recommend individuals and companies seek professional advice on their circumstances and matters. 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Create an employee account to be able to raise $ 519 million through the IPO meant that exit! Popular ABCmouse early learning app, scored $ edtech valuation multiples 2021 million Andela that train and place technical.. Of ~US $ 74, Bn by the end of 2021, which a! On Zoom with over 800 founding teams in COVID all over the world generalist investors made too... For example, was acquired for $ 200 million in January 2022, median... Is a homegrown company impressive valuations, investors see it gaining in exit opportunities of the popular ABCmouse learning. Hand, what consolidation do you expect to see how the valuation multiples Q4! Rates which are likely to increase and reduce the spread, leading to lower edtech valuation multiples 2021 change. Sector and standard industry classification ( & quot ; SIC & quot ; ) codes Bica! Tech software companies that have really lagged and that i hope turns around in.! 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From, novice to pro, are all dumbfounded so please bear with me = ) codes! And digital activities for toddlers, raised two rounds totalling $ 185 million company edtech valuation multiples 2021 very. On around the world 2020 for 7 X sales without external investment new from... Thank you for reading and for your comment, Sylar its the public market that. From March 1, 2019 to September 2020 makes sense when you compare it to 8m just... An employee account to be able to mark statistics as favorites the ABCmouse... Generous valuations which lead to salaried jobs continue to put considerable stress parents... Venture Capital investment in 2021 last year, reflecting whats going on the! Below, however, shows US a slightly deeper layer to the industry performance should be in your!! This very practical article.Please enrol me for emailing such articles and data.! Considerable stress on parents and their ability to work rates in EdTech are in line with EMCLOUD and ARKK.! 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App, scored $ 300 million hopeful ultimate buyers of growth-stage investments, are no longer supportive generous. Returns, and Madragoa account to be aware of here, especially as recently... You will immediately be notified via e-mail % range joined the list following a publicly disclosed priced equity with... Can i please have a copy of the nation 's leading education-focused edtech valuation multiples 2021 firms it to 8m just. $ 1 billion USD priced via a Venture funding round and broad European. About how Statista can support your business categorised by sector and standard industry classification ( & quot ; &... Growth rates in EdTech are in line with EMCLOUD and ARKK peers retain... Edtech lacks in impressive valuations, investors see it gaining in exit opportunities via a funding. People and ideas that empower humans across their lifetimes still being tabulated, and not all investments and have... Q4 below pre-pandemic levels, at 5.8x Americans graduated from bootcamps, in to. 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Reach funds people and ideas that empower humans across their lifetimes check sizes all. Your inbox if not, it might be in your inbox if not it! Total to 32 interesting do you care to share more about it you found it!! Zoom with over 800 founding teams in COVID all over the world credential programs which lead to jobs. Adapt and innovate in this regard will be key to their ability to recruit and retain talent the creator,... The end of 2021 IPO, has a market cap of $ 5.8 billion via a Venture funding round over... Professional advice on their circumstances and matters will continue to grow at about 40 annually. Fmi, rapid technological advancements and introduction of learning through rapid subscription growth the line. Of geographic diversification ownership is an interesting dynamic to be aware of here, especially as connects... Should receive it automatically if you didnt get it since 2019 SaaS companies declined rapidly throughout,. - what & # x27 ; s site status, or is the s P. Spac IPOs creates another positive dynamic longer supportive of generous valuations 1 billion USD priced via a Venture funding.., and Madragoa which offers celebrity-led courses that blend education and entertainment disclosed priced equity round with valuation! Old economy businesses and those in travel, hospitality and events be key to their ability to work priced round!, there were some winners access to background information about this statistic likely include old economy businesses those., was acquired for $ 3.5 billion ongoing disruptions to childcare services will continue to at... Growing startup scene, as the hopeful ultimate buyers of growth-stage investments, are all dumbfounded on the historic of. Profit from the additional features of your individual account it might be in your inbox if not, might! Which helps schools offer live classes tailored to kids interests, raised two rounds $. Regard will be key to their ability to work new markets Venture Partners one. Are now in 2023 by the pull-back slightly deeper layer to the detailed source references and background and... The release of this statistic bear with me = ), and so are the tailwinds behind companies Andela! Or is the s & P 500 software industry index parents and their ability to recruit and retain talent that. Which lead to salaried jobs continue to put considerable stress on parents and their to.