Nexford University, an online learning platform for higher education has closed a $10.8 million Series A funding.
Dubai-based VC firm, Global Ventures led the round, other investors the funding round include Future Africa’s new thematic fund focused on education, angel investors, family offices, and unnamed VCs from 10 countries, including the U.S., U.K., France, Dubai, Switzerland, Qatar, Egypt, and Saudi Arabia.
This new investment brings the total amount raised by the platform to a total of $15.3 million, after raising $4.5 million in seed funding two years ago.
This funding round will be used to scale its flexible remote learning platform.
The online school offers undergraduate degrees in business administration; 360° marketing; AI & automation; building a tech startup; business analytics; business in emerging markets; digital transformation; e-commerce; and product management.
Its graduate degrees are business administration, advanced AI, e-commerce, hyperconnectivity, sustainability, and world business. Students study at their own pace once they get admitted into the school.
Nexford University has learners from 70 countries, with Nigeria being its biggest market. The school also has blue-chip partnerships with Microsoft, LinkedIn Learning, and IBM to provide access to tools, courses, and programs to improve the learning experience.
Its tuition structure is also quite different from conventional universities. Its accredited degrees cost between $3,000 to $4,000 paid in monthly installments. For instance, in Nigeria, an MBA program with Nexford University costs about $160 a month, while a bachelor’s degree costs $80 a month. The faster a learner graduates, the less they pay.
Apart from offering degrees, Nexford also offers placement by fixing its graduates with partner employers. The employers sponsor their employees or soon-to-be employees for upskilling and reskilling purposes.
For example, Nexford partnered with Sterling bank to fund the tuition for high school leavers. When these students go through Nexford’s programs for the first year, they begin to get part-time placements at Sterling. Upon graduation, they get a job in the bank.
Commenting on the funding round, Iyin Aboyeji, Future Africa’s Founder and general partner, described the company as a game-changer for higher education in Africa, because it focused on the future of learning.
“During the pandemic, while many universities in Nigeria were shut down due to labor disputes, Nexford was already delivering an innovative and affordable new model of online higher education designed for a skills-based economy”
Noor Sweid, general partner at Global Ventures 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.”