AltSchool Africa, a Nigerian edtech startup positioning itself as the African counterpart to the U.S. coding bootcamp BloomTech, is gearing up for its next growth phase with the support of Intellecap, an advisory firm focused on Asia and Africa. The fully-funded program, facilitated by the Rwandan Innovation Fund, aims to strategically guide AltSchool in planning its expansion.
In April 2023, AltSchool successfully raised $3 million, with Angaza Capital, a venture capital firm co-managing the Rwandan Innovation Fund, participating in the round, according to data from Pitchbook. This investment, previously undisclosed, was a significant milestone for AltSchool. While Adewale Yusuf, AltSchool’s CEO, acknowledged the startup’s funding from the innovation fund, specific financial details remained confidential.
Established in 2021 with a $30 million loan from the African Development Bank, the Rwandan Innovation Fund plays a pivotal role in positioning Rwanda as a technology hub in Africa. Yusuf expressed gratitude for the Rwandan government’s support in a LinkedIn post, highlighting their instrumental role in AltSchool’s success since entering the market.
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AltSchool’s presence in Rwanda has grown, with an office at the Norrsken hub and four staff members in the country. The company is actively hiring for additional roles. This move aligns with a broader trend of African companies being drawn to Rwanda, with Flutterwave and Paystack also expanding their operations in the region.
Beyond the initial $30 million AfDB loan, the Rwandan Innovation Fund aims to attract an additional $30 million from private investors, with an $8.6 million contribution from the government. The fund targets investments in 150 tech-enabled companies, ten incubators and accelerators, and 20 early-stage growth opportunities across Africa.
AltSchool distinguishes itself by offering online-only learning with a comprehensive curriculum covering business, data, engineering, media, and the creative economy. The startup adopts a unique pricing model, charging $20-$50 per month for its courses and utilizing the income-sharing agreement (ISA) common among online edtech startups like ALX. AltSchool connects learners to internships, aiming to ensure their successful entry into the job market.
Having supported approximately 20,000 learners across eight African countries, AltSchool remains committed to equipping young Africans with the knowledge and skills necessary for sustainable careers. In a region grappling with persistent youth unemployment, AltSchool and similar edtech platforms play a crucial role in addressing the skills gap and empowering young people to meet global demands.
This recent funding round marks AltSchool’s second, following a $1 million pre-seed funding announcement in 2022, which included participation from VCs such as Voltron Capital and Obda VC, as well as notable figures like Paystack’s Sola Akinlade and Nigerian musician Folarin “Falz” Falana.
AltSchool Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard