Brazilian online education startup Descomplica is putting its operations up for sale, Valor has learned. In 2021, the company received a $84.5 million investment (R$450 million at current exchange rates) from a high-profile group of investors that included SoftBank, Península, Invus, U2 guitarist The Edge, and the Zuckerberg family.
According to sources, education groups and financial investors have been approached. The asset was recently presented to Ânima and QConcursos, the public hiring test preparation company owned by Yduqs. Currently, only one fund is conducting due diligence, and there is no exclusive dealing agreement.
The edtech was reportedly offered for a price roughly equivalent to its annual revenue, around R$90 million, but no buyers have stepped forward so far, sources said.
Facing difficulties attracting a single buyer, the company is not ruling out selling the operation in parts. The business comprises higher education, regulated by Brazil’s Ministry of Education (MEC), with around 30,000 students, and non-degree courses such as exam-prep classes for university entrance exams. Another option under consideration is a merger with another education group.
Sources say Descomplica has been posting losses and burning cash, factors that have deterred potential buyers. Shareholders recently made a new capital injection to halt the cash burn.
According to Marco Fisbehen, Descomplica’s founder and CEO, the company has recorded positive earnings before interest, taxes, depreciation, and amortization (EBITDA) since 2024 and expects to repeat the positive result this year. Mr. Fisbehen added that the company is expected to generate positive cash flow in 2026, though he declined to disclose specific financials.
Until last year, the higher education segment was cash negative.
Mr. Fisbehen said the board, represented by shareholders, has continued to support investments in technology, including artificial intelligence, and the expansion of the course portfolio. “Over the past two years, R$35 million has been invested in technology,” he said.
Descomplica was founded in 2011 by Mr. Fisbehen, a physics teacher who gained fame for highly didactic online lessons for middle and high school students. Around the time of the investment four years ago, his YouTube channel attracted about 5 million students per month.
Four months after receiving the funding, Descomplica acquired UniAmérica, a university center in Foz do Iguaçu (Paraná) known for innovative teaching methodologies. The institution’s main differentiator was a hybrid model: students learned theory at home and completed practical activities in class.
However, Descomplica replaced this approach with fully online courses and lowered tuition fees. The hands-on component, a key attraction, was eliminated. In addition, the institution’s well-known brand name was changed from UniAmérica to Descomplica.
Regarding the sale, the company stated it does not comment on market rumors.
Yduqs declined to comment. Ânima said it “is always attentive and evaluating market and business opportunities to unlock shareholder value and pursue discussions that prioritize the deleveraging agenda,” but did not comment on market speculation.
