Smart Capital Invests €1.5M in Testbusters EdTech

Smart Capital spa has injected approximately €1.5 million into Testbusters srl Società Benefit, a significant move aimed at accelerating the Italian edtech firm's buy-and-build strategy. This investment, structured primarily as a capital increase, grants Smart Capital a minority stake and is anticipated to close by the end of October 2026, subject to standard contractual conditions.

The funding arrives as Testbusters, a prominent player in higher education test preparation, actively pursues external growth. The company has already demonstrated this ambition through strategic acquisitions, including the 2023 purchase of UK-based UniAdmissions, which specializes in preparing students for elite university admissions processes like Oxford and Cambridge. This was followed in 2025 by the acquisition of TopSquad, a firm focused on preparation for the Bocconi University entrance exams, further broadening Testbusters' service portfolio.

Founded in 2012 by Ludovico Callerio, who previously held a majority stake of 79.18%, Testbusters has carved out a niche in preparing students for university entrance exams, particularly in the medical and healthcare fields. The company leverages a unique peer-to-peer educational model, supported by a community of over 600 instructors who have successfully navigated similar academic pathways. Its proprietary operating engine and patented exam simulation software underscore its commitment to scalable, technology-driven learning solutions.

Financially, Testbusters reported robust performance in 2025, with consolidated revenues reaching €8.5 million and adjusted EBITDA at €1.7 million. The company also maintained a net financial position of €2.5 million. Projections for 2026 indicate continued growth, with consolidated revenues expected to surpass €10 million.

This strategic investment from Smart Capital, a holding company known for its permanent capital approach and focus on high-growth Italian SMEs, aligns with its objective to support entrepreneurial ventures with patient capital and industrial expertise. Andrea Costantini, President and CEO of Smart Capital, and Andrea Faraggiana, Managing Partner and General Manager, highlighted Testbusters' potential to consolidate a rapidly expanding market. The deal saw Smart Capital advised by its general counsel Francesco Arlati and law firm LMCR/Studio Legale, with fiscal advice from Andrea Nespoli. Testbusters was supported by CII3 as its financial and strategic advisor, and RDRA for legal counsel.

The broader edtech sector continues to attract significant investment, driven by the increasing demand for accessible, personalized, and effective learning solutions. With a projected compound annual growth rate of over 15% globally in the coming years, the market presents substantial opportunities for companies like Testbusters that can demonstrate scalability and a strong value proposition for students. This funding round positions Testbusters to capitalize on these trends, further expanding its service offerings and geographic reach through targeted acquisitions.