AltSchool Africa to receive support from Rwanda’s tech fund
AltSchool Africa, the Nigerian educational technology startup positioning itself as the African counterpart to the US coding bootcamp BloomTech, is set to benefit from strategic support provided by Intellecap, an advisory firm focused on Asia and Africa. This initiative, fully funded by the Rwandan Innovation Fund, aims to assist AltSchool in charting its course for the next phase of growth, according to information obtained by TechCabal.
In April, AltSchool secured a $3 million funding round, with participation from Angaza Capital, a venture capital firm that co-manages the Rwandan Innovation Fund. Notably, this investment had not been previously disclosed. While Adewale Yusuf, AltSchool's CEO, acknowledged his startup's receipt of funding from the innovation fund, specific financial details were not disclosed.
The Rwandan Innovation Fund, initiated in 2021 with a $30 million loan from the African Development Bank, plays a crucial role in Rwanda's ambition to position itself as a technology hub within the African continent. Expressing gratitude for the support received, Yusuf stated in a LinkedIn post, "The Rwandan government has been instrumental to our success since we entered the market, and we're thankful for their support."
Key Takeaways
Africa's tech ecosystem's remarkable growth can be attributed not only to the influx of billions of dollars from local and foreign investors but also to its flourishing talent pool. The continent's homegrown talents, such as software developers (whose numbers have increased by nearly 4% to 716,000, as per Google's Africa Developer Report), UI/UX designers, engineers, and other tech professionals, are highly sought after both locally and internationally. Consequently, numerous talent-matching platforms have emerged across Africa, including notable ones like Propel, Andela, GOMYCODE, AltSchool, Decagon, and more looking to tap into this market opportunity.
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