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The pandemic’s biggest bet on online learning has gone bust. Global edtech investment peaked at $16.7 billion in 2021, fueled by lockdowns that kept millions of children out of classrooms. By 2025, venture capital had plummeted to less than $3 billion, according to Tracxn, a Bengaluru-based platform that tracks global startup funding. The majority of global edtech funding comes from U.S.-based venture firms, Tracxn data shows.