Nexford University, an online learning platform that offers next-generation learning experiences has closed $10.8 million in Series A.
The funding round was led by Dubai-based VC Global Ventures and other investors including Future Africa’s new thematic fund (focused on education), angel investors, family offices and unnamed VCs from 10 countries, including the U.S., U.K., France, Dubai, Switzerland, Qatar, Nigeria, Egypt, and Saudi Arabia.
To date, Nexford has raised a total of $15.3 million, After raising $4.5 million in seed funding two years ago.
Launched in 2019 by Fadl Al Tarzi, Nexford University is filling affordability and relevance gaps by providing access to quality and affordable education.
The online school offers undergraduate degrees in business administration; 360° marketing; AI & automation; building a tech startup; business analytics; business in emerging markets; digital transformation; e-commerce; and product management. Its graduate degrees are business administration, advanced AI, e-commerce, hyperconnectivity, sustainability, and world business. Students study at their own pace once they get admitted into the school
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The tuition structure is different from traditional universities. Its accredited degrees cost between $3,000 to $4,000 paid in monthly installments. In Nigeria, for instance, an MBA costs about $160 a month, while a bachelor’s degree costs $80 a month. The faster a learner graduates, the less they pay.
Nexford University has learners from 70 countries, with Nigeria being its biggest market. The school also has blue-chip partnerships with Microsoft, LinkedIn Learning, and IBM to provide access to tools, courses, and programs to improve the learning experience.
According to Tech crunch, Last year, Nexford’s revenues grew by 300%. This year, the company hopes to triple the size of its enrollment from last year.
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Apart from offering degrees, Nexford also offers placement by fixing its graduates with partner employers. The employers sponsor their employees or soon-to-be employees for upskilling and reskilling purposes. An example is Sterling Bank. Nexford partnered with Sterling bank to fund the tuition for high school leavers. When these students go through Nexford’s programs for the first year, they begin to get part-time placements at Sterling. Upon graduation, they get a job in the bank.
This funding round will be used to scale its flexible remote learning platform.
What they are saying
Iyin Aboyeji, Future Africa’s Founder and general partner, called the company a game-changer for higher education in Africa because it focused on the future of learning.
“During the pandemic, while many universities in Nigeria were shut down due to labour disputes, Nexford was already delivering an innovative and affordable new model of online higher education designed for a skills-based economy,” Aboyeji said.
Noor Sweid, general partner at Global Ventures said, “We are thrilled to partner with Fadl and the Nexford team on their journey toward expanding access to universal quality higher education in emerging markets.”