Future Africa Invests In Nexford As The Online University Closes $10.8m Series A Round

Online IT Certificate Courses Future Africa invests in Nexford as the online University closes $10.8m Series A round. 

Future Africa invests in Nexford as the online University closes $10.8m Series A round

Future Africa, an Africa-focused venture capital firm, has invested in Nexford University as part of the online institution's $10 million series A funding round. While the amount invested is not disclosed, we understand it is from the VC's new education-focused thematic fund, which is led by Flutterwave co-founder Iyinoluwa Aboyeji.

Nexford University, founded in 2019, is a technology-enabled institution based in Washington, D.C., that uses machine learning and artificial intelligence to create a data- and skill-driven curriculum. The university was founded on the conviction that a lack of education is at the root of the majority of the world's problems and that people should have equal access to economic opportunities regardless of their physical location.

Nexford University's CEO, Fadl Al Tarzi said that by 2021, less than 10% of the world's population will have a college degree, and student debt in the United States will exceed $1.6 trillion. We can now invest in the technology and teams necessary to address these challenges with additional funding. 

 

Future Africa

As a result, this latest round of funding is expected to support the online university's expansion plans, particularly in Asia, as well as its efforts to continue developing products that deliver the skills employers seek and expanding its B2B offerings. Additionally, the university intends to expand its offerings to meet the growing demand for re- and up-skilling in a post-pandemic workplace and to enhance employer-funded education, which accounts for a sizable portion of Nexford's revenue.

Future Africa is a fund dedicated to connecting investors with mission-driven startups that are transforming Africa's most intractable problems into global business opportunities. MaxNG, a Nigerian green transport company, Lori, a Kenyan logistics startup, and Nigerian fintechs Bamboo, Rise, and Buycoins are among its portfolio companies.

While the fund is primarily focused on African startups, it has occasionally invested in international companies such as Andela, Tambua Health, and, most recently, Nexford Universities.

While many universities in Nigeria were forced to close due to labor disputes during the pandemic, Nexford was already delivering an innovative and affordable new model of online higher education tailored to a skills-based economy. Nexford is a game-changer for African higher education. We are thrilled to make this Future Africa's first investment from its soon-to-be-launched fund dedicated to the future of education.

Nexford has experienced phenomenal growth in just over a year since its inception. Its revenues will increase by 300 percent by 2020, with learners from over 65 countries enrolling.

Nexford also partners with industry leaders such as Microsoft, LinkedIn Learning, and IBM to provide access to tools, courses, and programs that enhance the learning experience. Nexford's curriculum is also tailored to match the skills of its graduates with the needs of employers. 

 

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