Future Africa invests in Nexford as online university closes $ 10.8 million funding round
Africa-focused venture capital firm Future Africa invested in Nexford University as the online institution closes a $ 10 million Series A funding round. While the exact amount of VC’s investment is not disclosed, we understand that the funding is coming from its new thematic fund focused on education and led by Flutterwave co-founder Iyinoluwa Aboyeji.
Launched in 2019, Nexford University is a Washington-based, technology-based institution that leverages machine learning and artificial intelligence to create a data-driven and skills-driven curriculum. The university was founded on the belief that lack of education is the root cause of most global challenges and that people should be able to access economic opportunities regardless of their physical location.
In 2021, it is not acceptable for less than 10% of the world’s population to have a college degree or for student debt in the United States to exceed $ 1.6 trillion. Now, with additional funding, we can invest in the technology and people needed to meet these challenges.
Fadl Al Tarzi, CEO of the University of Nexford
Therefore, this latest increase is expected to fuel the online university’s expansion plans, particularly in Asia, as well as continue to create products to deliver the skills employers are looking for and expand its B2B offerings. The university is also aiming to expand its offering to meet the growing needs for retraining and development in a post-pandemic workplace to enhance employer-funded education, which accounts for a significant percentage of Nexford’s revenue.
Future Africa is a fund that seeks to connect investors to mission-driven startups that turn Africa’s toughest challenges into global business opportunities. Startups in its portfolio include Nigeria’s green transport company, MaxNG, Kenyan logistics startup, Lori, Nigerian fintechs, Bamboo, Rise, and Buycoins.
Although the fund mainly focuses on African startups, it has occasionally dived into foreign companies including Andela, Tambua Health and now Nexford Universities.
During the pandemic, with many Nigerian universities closed due to labor disputes, Nexford was already offering an innovative and affordable new model of online higher education designed for a skills-based economy. Nexford is an absolute game changer for higher education in Africa. We are delighted to make this Future Africa the first investment of their soon to be launched fund focused on the future of learning.
Iyin Aboyeji, CEO of Future Africa
Nexford has experienced exceptional growth in just over a year since its inception. Its revenues in 2020 increased by 300%, with learners enrolling in more than 65 countries.
Nexford also has premier partnerships with Microsoft, LinkedIn Learning and IBM to provide access to tools, courses and programs to enrich the learning experience. Nexford’s curriculum is also uniquely designed to match the needs of employers with the skills of its graduates.
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