Nigerian educational technology startup AltSchool Africa is entering its next growth phase with support from Intellecap, an advisory firm focused on Asia and Africa. The fully-funded program, facilitated by the Rwandan Innovation Fund, aims to strategically guide AltSchool in planning its expansion. In April 2023, AltSchool successfully raised $3 million, with Angaza Capital, a venture capital firm co-managing the Rwandan Innovation Fund, participating in the round. AltSchool, established in 2021 with a $30 million loan from the African Development Bank, is positioned as the African counterpart to the U.S. coding bootcamp BloomTech. The Rwandan Innovation Fund, integral to AltSchool's success, aims to attract additional private investment and contribute to the growth of tech-enabled companies in Africa.
AltSchool's presence in Rwanda has expanded, with an office at the Norrsken hub and four staff members in the country. The Rwandan Innovation Fund, beyond the initial AfDB loan, targets a total of $30 million from private investors, with government support. AltSchool distinguishes itself by offering online-only learning with a unique pricing model of $20-$50 per month and utilizing the income-sharing agreement. The startup, having supported approximately twenty thousand learners across eight African countries, remains committed to addressing the skills gap and empowering young Africans for sustainable careers in a region grappling with persistent youth unemployment. This recent funding round marks AltSchool’s second, following a $1 million pre-seed funding announcement in 2022.