32429 - LEARN CAPITAL VENTURE PARTNERS III LP

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Summary of Investment Information

Project Number

32429

Company Name

LEARN CAPITAL VENTURE PARTNERS III LP

Date SPI Disclosed

Apr 8, 2014

Country

World Region

Region

Global

Projected Board Date

May 9, 2014

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Feb 21, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : May 9, 2014
Signed : Jul 2, 2014
Invested : Jun 30, 2015

Sector

Other Sector Fund

Project Description

The Project is to establish an Education Innovation Fund (the “Fund”), a US$100-150 million venture capital fund, to invest in early to mid stage innovative education companies that will expand access to and quality of education in the emerging markets. As an anchor LP, IFC will provide up to US$20 million in the form of a straight equity investment. Target companies for the Fund would typically include companies that are located in emerging markets, or that have or will have substantial userbases in emerging markets, including companies that have already developed, tested and, in some cases, initiated the commercialization of at least one innovative product and/or service in their home markets. Through the investments carried out by this Fund, target companies would typically aim to improve their market viability in any of the emerging markets, support their commercialization and marketing efforts, and/or finance any other capital or operational expenditure needed for their successful commercialization. The Fund will have an emphasis on global companies with a large potential impact on developing regions, especially Latin America. Through a Request for Proposal (“RFP”) process where more than 50 potential fund managers participated, IFC selected Learn Capital (“Learn” or the “Fund Manager”), a venture capital fund focusing on investments in the education innovation and technology space, as the fund manager of the proposed Fund.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

Development Impact

- Accelerate the introduction and expansion of latest education technologies in selected markets, contributing to improved access, quality, efficiency and relevance of local education systems. - Promote innovation in early stage technology companies through the access to growth capital for expansion in emerging markets. - Provide a demonstration effect of the potential for the private sector to bring innovative solutions to long standing problems in education systems in emerging markets, mainly through the use of technology.

- Provide debt and equity financing that might otherwise not be available to the Education Innovation Fund's investee companies. - Mobilize capital from other investors into what is still a relatively new and innovative sector. - Leverage experience and network in emerging markets with the Fund's investee companies to facilitate their expansion in new markets. - Promote best practices in monitoring the Fund's performance in terms of students access, learning outcomes, employability, and other relevant dimensions as necessary.

E&S Category Rationale / Risks and Mitigation

47559024C2EA44A097CCEBE120E50E99 .par_EC1505344593865E85257C3600805E2C_8 { font-family:sans-serif; color:black; font-size:10pt; font-weight:normal; text-decoration:none; } The project is categorized as FI:2 (medium risk) according to IFC's Environmental and Social (E&S) review procedure. A review of the Fund's investment themes indicate that the fund will target investments in the education sector, focusing on investments in education technology, including software and platform development and online delivery of educational content, which may have minimal or no adverse environmental or social impacts. The fund may also invest opportunistically in projects which may include construction and operation of schools and may entail limited adverse E&S risk and impacts that are few in number, generally site-specific, largely reversible and can be readily addressed through mitigation measures. The Fund Manager will be required to conduct an E&S due diligence and monitor the target investments against the IFC Exclusion List, applicable host country E&S laws and regulations, and Performance Standards (PS).

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Edmodo	World Region	T-AC - Other Training
Brightbytes	World Region	T-AC - Other Training
DIY	World Region	T-AC - Other Training
Learners Guild	World Region	T-AC - Other Training
Outschool	World Region	T-AC - Other Training
Wisdom Collective	World Region	T-AC - Other Training
WriteLab	China	T-AC - Other Training
Build Academy	United States	T-AC - Other Training
Teachable	World Region	T-AC - Other Training
Vested Finance	World Region	T-AC - Other Training
Apptuto	World Region	T-AC - Other Training
MissionU	World Region	T-AB - Colleges, Universities, and Professional Schools
CottageClass	United States	T-AC - Other Training
Learning Maching	United States	T-AC - Other Training
Live In Their World	United States	T-AC - Other Training
Precision Medical	United States	M-IA - Medical Equipment and Supplies Manufacturing
AltSchool	World Region	T-AA- Elementary and Secondary Schools
Andela	United States	T-AC- Other Training
Berggram	World Region	T-AC- Other Training
Bloomboard	World Region	T-AC- Other Training
Brainly	Poland	T-AC- Other Training
Brilliant	World Region	T-AC- Other Training
Climb Credit	World Region	T-AC- Other Training
Educents	World Region	T-AC- Other Training
Edunav	World Region	T-AC- Other Training
Enki Labs	World Region	T-AC- Other Training
Fluent City	World Region	T-AC- Other Training
Genius Plaza	United States	T-AC- Other Training
Higher Ground	World Region	T-AA- Elementary and Secondary Schools
Medical Intelligence	United States	T-AC- Other Training
Minerva Project	World Region	T-AB- Colleges, Universities, and Professional Schools
Mynd ai	China	R-AC- Other Services (Including IT Enabled Services)
NewGlobe Schools	Kenya	T-AA- Elementary and Secondary Schools
Outschool	World Region	T-AC- Other Training
Pathfind	United States	T-AC- Other Training
Peergrade	Denmark	M-BB- Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
Polymath Labs ParagonOne	United States	T-AC- Other Training
ProSky	World Region	T-AC- Other Training
Rhythm Image Media	World Region	T-AC- Other Training
Scoutible	World Region	T-AC- Other Training
Shearwater	World Region	T-AC- Other Training
Sixup	World Region	T-AC- Other Training
Slide Rule Labs	United States	T-AC- Other Training
Solo Learn	World Region	T-AC- Other Training
Vemo Education	World Region	T-AC- Other Training
VersaMe	World Region	T-AC- Other Training
VIPKid	China	T-AC- Other Training
Vocate	World Region	T-AC- Other Training
Wave Neuroscience	United States	S-AB- Medical and Diagnostic Services
Wonder Workshop	United States	T-AC- Other Training

6DAE7DF330D54B8D9287477ECB73BF4F .par_EC1505344593865E85257C3600805E2C_9 { font-family:sans-serif; color:black; font-size:10pt; font-weight:normal; text-decoration:none; } Key issues associated with this investment relate primarily to the E&S risks of the potential investments, and the capacity and systems in place to manage these risks. This is a first time Fund and as yet does not have an ESMS outlining the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities. 6DAE7DF330D54B8D9287477ECB73BF4F .par_EC1505344593865E85257C3600805E2C_10 { font-family:sans-serif; color:black; font-size:10pt; font-weight:normal; text-decoration:none; }

In order to mitigate the key E&S risks, and formalize the approach to E&S management the Fund will implement a number of actions: (i) Develop an ESMS and capacity to review all sub-projects per the E&S laws and regulations of the sub-project's country and the Performance Standards, to be in place by commitment; (ii) conduct an E&S due diligence (ESDD), with the help of qualified professionals, as appropriate, to identify the applicable E&S risks of each sub-project and require corrective actions as needed to ensure that these risks are managed according to the Performance Standards and applicable laws; (iii) implement a monitoring framework to supervise the E&S risks of all sub-projects and report to IFC. In addition, IFC will review the first three ESDDs and that of all Category A sub-projects (if any) prior to the Fund’s investment to support the implementation of the ESMS.

Environmental and Social Action Plan:


Task Description	Anticipated Completion Date
Nominate E&S Officers/Department	On or prior to Commitment
Establish an ESMS including guidelines for its implementation	On or prior to Commitment
Implement Staff Training	Prior to First Disbursement

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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