in Funding, Investors, Press-releases, Skills

US-based virtual university receives investment support from Future Africa and other investors

by Tech in Africa June 14, 2021, 10:34 am 677 Views

Nexford University, a US-based virtual learning University has received $10.8 million in Serie A funding after a successful raise in capital led by UAE-based VC firm, Global Ventures. Investors participating in Future Africa’s education-focused fund were Iyinoluwa Aboyeji (co-founder Andela and Flutterwave) alongside other angel investors, VCs, and family offices.

Nexford will channel the investments towards fueling its regional expansion across Asia while continue building products that deliver the skill sets that employers are looking for. The focus will also be given to the expansion of its B2B offering. Employer-funded education already plays a big role in Nexford’s revenues. This has prompted the university to expand its offering and meet the need for reskilling and upskilling in a post-pandemic environment.

Nexford launched in 2019 and has witnessed a 300% increase in revenues as of 2020. Learners have enrolled across 65 countries. The virtual university has closed deals with Microsoft, IBM, and Linkedin learning. The curriculum looks to leverage Artificial Intelligence and Machine learning to create a data and skills-centered curriculum.

Fadl Al Tarzi, CEO at Nexford University said, “with additional funding, we can invest in the technology and teams” to address the challenge of less than 10% of the global population having a university degree as well as high student debt ($1.6 trillion in the US alone).

Noor Sweid (General Partner) of Global Ventures expressed “thrill” in the new partnership while pointing out Nexford’s role in addressing the “mismatch between the supply of talent and the demands of today’s digital economy.”