[Update] Tuesday, November 14 2023, 8:16 PM WAT. AltSchool says the fundraising was not a crowdfunding round as it was raised from VCs such as Angaza Capital and Techstars.
The news
- According to PitchBook, edtech startup AltSchool Africa raised $3 million in an equity crowdfunding round.
- Last year, the startup closed a $1 million seed round to focus on content, growth, and building its technology
- AltSchool is also set to receive support from Rwanda's $30 million tech fund.
It's been a year and nine months since AltSchool announced its $1 million seed investment.
The round had the participation of angel investors such as Nigerian entertainer Folarin Falana (Falz); Flutterwave Founder, Olugbenga GB Agboola; Paystack Founder Shola Akinlade; Nigerian musician and rapper Akitoye Balogun (Ajebutter).
However, PitchBook reveals that the startup raised $3 million in an equity crowdfunding round 7 months ago.
Per TechCabal, Angaza Capital, a VC firm that co-manages the Rwandan Innovation Fund, participated in the round, AltSchool is also set to receive support from the Eastern nation's $30 tech fund.
The loan was approved by the board of the African Development Bank Group to promote innovation in Rwanda and East Africa at large.
AltSchool opened an office in Rwanda last year and now has four employees there.
Beyond its Rwandan moves, AltSchool also made other big moves this year. The skill-to-market platform announced its expansion to include Creative Economy and Business Schools.
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AltSchool's Head of Growth and Partnerships, Nifemi Akinwamide told Techpoint Africa in September 2023 that "Talent has always been our core, and it was not just tech talent. We started out with something we are familiar with, which is tech.
"But the goal has always been to ensure we take 10 million Africans to their next level in terms of career paths and give them financial prosperity without keeping them in the 'tech' bubble."
To support this expansion, AltSchool Africa enlisted prominent figures from the African creator space as facilitators.
Some of these facilitators include Oladotun Ojuolape Kayode, (Do2dtun), Nonso Egemba, (Aproko Doctor), and Adebowale Adedayo (Mr Macaroni).
It has also partnered with the Enugu State government to upskill youths in the state, living up to its commitment to meet the needs of African talent.
Techpoint Africa reached out to AltSchool regarding its $3 million raise, but the startup said it has no comments at this time.
