The African startup economy is growing faster than the global economy. Last year, various African startups celebrated wins displayed in dollar signs. There was a slew of high-performing investment rounds which included uLesson ($15M), Metro Africa Xpress Inc. ($31M), and MFS Africa ($100M). We could certainly go on but those numbers are proof that African startups are growing at a rate we have not seen before. According to a LinkedIn posting by Founders Factory Africa’s Accelerator Lead Nicole Dunn, it was said that African startups raised $1 million every two hours in 2021 with a total of $4.9 billion invested in African startups. Now more than ever, investments are soaring in Africa. Here is why.
Jan 24, 2022
In January 2021, AfroTech reported that uLesson — an African edtech startup — announced it raised a $7.5 million Series A funding round for its online learning platform to make remote learning a breeze. Now, less than a year later, it has announced that it’s raised $15 million in a Series B funding round, according to TechCrunch. Five investors led their latest round — Tencent, Nielsen Ventures, and existing investors Owl Ventures, TLcom Capital, and Founder Collective — in what is said to be the largest known investment for an edtech startup in Africa.
Dec 9, 2021
uLesson — a Nigerian-based edtech startup — announced this week that it raised a $7.5 million Series A funding round for its online learning platform making remote teaching easier for students. Through both streamings and the use of SD cards, uLesson — the self-proclaimed No. 1 learning app — is able to minimize data and streaming costs in an effort to bridge the education gap within Nigeria and Africa as a whole, Tech in Africa reports. According to TechCrunch, this funding round was led by Owl Ventures — the largest venture capital fund in the world focused on the education technology market — along with other participants such as LocalGlobe and existing investors, TLcom Capital and Founder Collective. This new financing arrives just little over a year after uLesson closed its initial $3.1 million seed round back in November 2019. Since then, the company’s value proposition has increased largely due to the impact of the coronavirus pandemic on the world’s education systems. Just...
Jan 22, 2021