Nexford University (“the Company”), a next-generation online university based in Washington D.C. and with offices in Nigeria, has announced the successful completion of a $10.8 million Pre-Series A funding round. The capital raise was led by Global Ventures, the UAE-based venture capital firm.
Participating investors included Future Africa’s new thematic fund focused on education, which is led by Iyinoluwa Aboyeji, the co-founder of Flutterwave and Andela, plus angel investors, family offices and VCs from 10 countries including the US, UK, France, Dubai, Switzerland, Qatar, Nigeria, Egypt and Saudi Arabia. The global investor base reflects Nexford’s ambition to build an American university — designed for a global audience.
“For years, millions of global learners have expressed dissatisfaction with the status quo, and millions more are on the side lines left underserved by current options. Learners want high-quality, yet affordable education relevant to today’s business environment, whilst retaining the flexibility remote learning provides. In 2021, it is not acceptable for less than 10% of the world population to have a college degree, or for student debt in the US to be over $1.6 trillion. Now, with additional funding, we can invest in the technology and teams required to address these challenges,” Nexford University’s CEO, Fadl Al Tarzi, said.
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Nexford will use proceeds to fuel its regional expansion plans particularly in Asia, continue building products to deliver skills employers are looking for, and expand its B2B offerings. With employer funded education already accounting for a large percentage of Nexford’s revenue, the university aims to expand its offering to meet rising needs for re-skilling and up-skilling in a post pandemic workplace.
Why The Investors Invested
Global Ventures’ General Partner, Noor Sweid, said:
“We are thrilled to partner with Fadl and the Nexford team on their journey toward expanding access to universal quality higher education in emerging markets. Nexford University is redressing the mismatch between the supply of talent and the demands of today’s digital economy. This job is essential and necessary, and Global Ventures is excited to support the team in that endeavour.”
Iyin Aboyeji, CEO of Future Africa, said:
“During the pandemic, while many universities in Nigeria were shut down due to labour disputes, Nexford was already delivering 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 excited to make this Future Africa’s first investment out of its soon-to-be launched fund focused on the future of learning.”
A Look At What The Company Does
Launched in 2019, Nexford’s revenues in 2020 grew by 300%, with learners enrolling from over 65 countries. Nexford also has blue-chip partnerships with Microsoft, LinkedIn Learning and IBM to provide access to tools, courses and programmes to enrich the learning experience. Nexford’s curriculum is also specifically designed to match employers’ needs with its graduates’ skills.
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The Company leverages machine learning and Artificial Intelligence to create a data and skills-driven curriculum. Access to Nexford’s quality, yet affordable education, empowers learners with these skills which can be deployed immediately, helping to address global unemployment.
Nexford’s accredited degrees cost c. $3–4k paid in monthly instalments. Learners choose when they study, have access to 24/7 support, and graduate at their own chosen speed. The monthly instalment structure means the faster a learner graduates, the less they pay.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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