Mumbai: Owl Ventures, a global venture capital fund, has raised more than $1 billion across three new funds to double down on education technology—its key focus area.

The Silicon Valley-based company closed a $640 million fifth fund, a $270 million second Opportunity Fund, and over $100 million in special purpose vehicles, according to a senior company official.

Owl Ventures, which has backed Indian startups such as Apna, Byju’s, Leap, Quizlet and Stash, will continue to invest in India—one of the key edtech markets globally, Managing Director Amit Patel said.

Founded in 2014, Owl Ventures is managed by managing directors Ian Chiu, Tom Costin, Amit Patel, Tory Patterson and partners Malvika Bhagwat and Kate Chhabra. The fund invests in edtech companies across Africa, Asia, Europe, North America and Latin America. According to the firm, the global education and training market—which is undergoing a digital revolution—presents a $6 trillion opportunity.

“The growth in blended learning, remote work, rise of direct-to-consumer models, enterprise learning and skilling, emergence of AI-enabled learning, increased 1-1 device programs, and rapid integration of AR/VR have all contributed to the global rise of education technology,” Patel said.

The new funds that Owl Ventures has raised will allow the firm to continue to be a scaled and active lead investor in the next wave of innovative global edtech companies, he said.

“We will look to back companies from the seed to late stage and be a uniquely valuable partner to visionary entrepreneurs. This hands-on approach helps companies across numerous functions including distribution, partnerships, talent, fundraising and outcome measurement.”

As on date, Owl Ventures has over $2 billion in assets under management.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.