2025-26
Lumos Impact Report

In 2025, we continued our commitment to backing innovative companies that deliver high-quality, equitable, and accessible solutions in the education and workforce sectors to global learners.

Welcome to the 2025-26 edition of

Lumos Capital Group’s
Annual Impact Report

Lumos Capital Group is a global, growth-stage private equity firm investing in the future of learning and work. Since our founding, we have focused on partnering with companies working to expand educational opportunity, strengthen workforce pathways, and help individuals navigate a rapidly changing economy. Underpinning our approach is a belief that education and workforce development are among the most powerful drivers of human potential, economic mobility, and long-term societal resilience.

Lumos Theory of Change

Our Impact Vision

Unlocking human potential by partnering with companies that transform how people learn and work.

How We Measure & Manage (IMM)

We measure impact through company-level outcomes and portfolio benchmarks. We are also working with management teams to embed impact into governance and performance targets.

The Challenge

Persistent barriers in education and employment — including cost, geography, and outdated delivery models — limit upward mobility for millions.

Cross-Cutting Priorities

Across all investments, we prioritize: (1) Access, (2) Equity, (3) Quality outcomes

Our Investment Process

We actualize this approach by utilizing various frameworks and tools that embed impact into every step of our investment process

Sourcing

  • Systematic network building across the ecosystem
  • Thematic market assessments and proactive sourcing
  • Focus on mission oriented founders from diverse backgrounds
  • Preference for proprietary opportunities aligned with impact themes and market trends

Diligence

  • Assess impact thesis alongside business model fundamentals
  • Premium on offerings benefiting marginalized and underserved communities
  • Utilize research backed and data driven analyses to inform investment decisions

Investment

  • Establish impact accountability through direct CEO engagement
  • Utilize impact side letters and other governance mechanisms where appropriate
  • Co-create fit for purpose accountability frameworks with management teams

Portfolio support

  • Cross-functional support to embed impact across business operations
  • Talent support through access to diverse recruiting channels
  • Capital formation support through introductions to impact aligned investors
  • Governance support, including impact committees and KPI development

Exit

  • Partnership with founders on impact aligned exit planning
  • Relationships with strategic and financial partners aligned with company mission
  • Board level accountability in evaluating stakeholder aligned exit opportunities

Our Portfolio’s Impact

~49M

Global Learners

Our portfolio supports over 49 million learners worldwide through B2B, B2C, B2G, and B2B2C business models. These models enhance access and improve outcomes, particularly for low-income, minority, and disadvantaged populations, utilizing freemium models, third-party payer arrangements, and partnerships, among other strategies.

43,000+

Career Outcomes

A career outcome is achieved when an active user of a portfolio company credits the company with having helped them positively in their career trajectory. This could include any of the following: securing a new job, internship, apprenticeship, landing a new job as a result of internal mobility, starting a new business, mastering a necessary skill, graduating from a skills training program, or getting a new job title and/or a salary increase.

153

Countries

23

Languages

Through free and paid offerings, our companies support learners across 153 countries and 23 languages, including English, French, Spanish, Hindi, Arabic, Portuguese, Dutch, and German, helping broaden access to education and workforce opportunities globally.

4,700+

K-12 Schools and Districts Served

1,000+

Higher Education Institutions Served

All of our current portfolio companies serving U.S. K-12 students operate under models that make products and services available to families at no cost through direct partnerships with schools and districts, many of which are eligible for Title I funding. Schools qualify for Title I funding when at least 35% of students come from low-income households. In addition, each company maintains relationships with multiple state departments of education. These partnerships frequently allow low-income districts to access offerings without direct payment and, in some instances, extend access across entire statewide public school systems.

Download Lumos'
Impact Reports

Read more about the impact across our portfolio in our Annual Impact Report.

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