GSV Ventures, co-founded by Deborah Quazzo and Michael Cohn, has raised $180 million in its second fund, exclusively focused on backing edtech startups across the globe. The startup now manages $277 million in cumulative assets, inclusive of its debut fund that was closed in 2016.

The new fund will let GSV invest in 13 core holdings, with an average check size of $15 million. The firm reserves up to $20 million per position for follow-on capital. It will invest in seed, Series A and late growth-stage opportunities.

While edtech was certainly spotlighted by the pandemic’s impact on the adoption of remote education, GSV Ventures is a case study in what happens when you invest in a category before it has generalist eyes on it. The first fund had three of its largest positions in Coursera, which is planning to go public this year; Course Hero, which was valued at $1.1 billion last year; and ClassDojo, which finally hit profitability after spending eight years focusing on customer growth instead of monetization.

The firm was also an early believer in Nearpod, which exited for $650 million in an all-cash deal in February 2021. Quazzo, who contributed her angel portfolio into the fund, says that this gives the firm 10 exits under its belt to date.

GSV Ventures began around the same time as other exclusively-edtech funds launched, such as Reach Capital, Learn Capital and Owl Ventures. These funds have all closed new capital in the wake of the coronavirus, with $165 million, $132 million and $585 million, respectively.

The biggest change between GSV Ventures’ debut fund and Fund II is the opportunity that Quazzo seeds internationally. Fund 1 only had one investment outside the United States, and Fund II already has holdings in Capetown, Croatia, Jordan, as well as, Quazzo confirms, six incoming investments split between Indonesia and India.

“There are very important businesses being built in these markets with missions to democratize and improve the delivery of learning at scale to all people,” Quazzo tells TechCrunch. To date, GSV Ventures’ portfolio has 37% female founders and 43% people of color.

While there was a four-year gap between Fund I and Fund II, GSV’s ability to back edtech startups with an ambitious trajectory hasn’t gone unnoticed. Its third fund, already mid-raise, will have its first close in the next few months.

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