Nigerian edtech startup AltSchool Africa will receive funding support from the Rwandan government via the Rwandan Innovation Fund.
Nigerian edtech startup, AltSchool Africa, is set to receive assistance from Intellecap, an Asia and Africa-focused advisory.
The program is fully paid for by the Rwandan Innovation Fund to help AltSchool plan for its next growth phase.
AltSchool offers online-only learning with a curriculum that covers business, data, engineering, media, and the creative economy.
Each course costs between $20-$50 monthly for the duration of the courses
The startup wants to provide young Africans with the knowledge and skills to build sustainable careers within and outside the tech ecosystem.
The edtech firm also works to connect learners to internships, and ultimately puts in efforts to ensure that they land jobs.
So far, AltSchool is reported to have supported about 20,000 learners across eight African countries.
This is its second funding round after its $1 million pre-seed funding from VCs and angel investors in 2022.
Adewale Yusuf, CEO of Altschol said, “The Rwandan government has been super helpful to our success since we entered the market, and we’re grateful for their support.”
The Rwandan Innovation Fund was established in 2021.
It started with a $30 million loan from the African Development Bank as part of the country’s push to position itself as a technology hub in Africa.
The fund invests across Africa with a target to back ;
- 150 tech-enabled companies,
- ten incubators and accelerators,
- 20 early-stage growth opportunities.
So far, the Fund has deployed $6.6 million to 11 startups across East Africa.
In addition to the original $30 million AfDB loan, the Rwandan Innovation Fund seeks to attract another bulk of $30 million in commitments from private investors. with the government adding $8.6 million.
