AltSchool Africa, a Nigerian educational technology startup, will get $30 million in funding from Rwanda’s innovation fund for its next growth stage. The fund aims to position Rwanda as an African tech leader. AltSchool, which offers online coding bootcamp and digital skills training similar to the Kenyan bootcamp Moringa, will receive strategic advisory assistance from impact firm Intellecap, which the Rwandan fund fully covers.
AltSchool, co-founded by Adewale Yusuf, who is also the Co-founder and CEO of Nigerian tech talent development and outsourcing company TalentQL, Akintunde Sultan, and Opeyemi Awoyemi, aims to help individuals get started on the career path of their choice. Whether fresh out of high school, seeking additional education, or looking to transition to a career in technology, it can provide an individual with the skills and insight needed to succeed. The platform offers online learning in business, data, software engineering, and other high-demand fields. The monthly fees range from $20 to $50. It also uses income-sharing agreements, in which students pay a percentage of their earnings after getting jobs. A significant emphasis is placed on job placement and internship connections.
Speaking on the fundraising, Co-founder & CEO of AltSchool, Adewale Yusuf, said:
The Rwandan government has been beneficial since we entered the market, and we’re thankful for their proactive support. The startup opened its Rwanda office last year and has four full-time staff there, with plans to continue expanding the local team.
The startup claims to have trained 20,000 learners in eight African countries. Unemployment is a persistent problem in Africa, with only 3 million of the continent’s 10 million youth able to find stable employment or income. AltSchool’s skill programmes aim to address this directly by providing career-oriented education in both tech and non-tech fields.
The Rwandan Innovation Fund was launched in 2021 thanks to a $30 million loan from the African Development Bank. In addition to the original loan, the fund hopes to raise another $30 million from private investors and $8.6 million from the Rwandan government. The overarching mission is to invest in 150 startups, incubators, and accelerators across Africa over the coming years. So far, $6.6 million has been allocated to 11 early-stage startups, most of which are based in East Africa.
Rwanda became AltSchool’s second external funding round, following a $1 million pre-seed round in 2022 from VC firms such as Voltron Capital and high-profile angel investors such as Paystack co-founder Shola Akinlade.
With the robust support and vote of confidence from Rwanda’s innovation fund, AltSchool is poised to continue working toward closing Africa’s tech talent gap while empowering youth employment. The strategic support also demonstrates Rwanda’s commitment to developing homegrown talent and establishing itself as a pan-African leader in technology and innovation. The latest investment comes on the heels of an undisclosed investment by the fund in AltSchool’s $3 million seed funding round in April.
