AltSchool Africa, an edtech startup, has partnered with Fast Forward Venture studio, and HoaQ to allow members of its community and students to own a part of the startup with as low as $500 in investment. Adewale Yusuf, CEO of AltSchool Africa, made the announcement via a LinkedIn post on Thursday, April 27.
Via the LinkedIn post, Yusuf listed procedures for participating in the round, intending investors can participate in the fund round through any of the two websites provided in the LinkedIn post. Per one of the websites for the deal, the target for the funding round is pegged at $3 million with a minimum contribution of about $500 from each participant. The investment round runs until May 15, 2023.
A notable investor in this funding round is an unspecified “biggest bank” in Nigeria. The website also contains other deal terms, which include AltSchool’s pitch deck and a commitment form which is to be filled by intending investors.
The second website for investing is straightforward and contains a form to be filled by intending investors. After intending investors fill out the form on the website, they will receive approval via email and be notified about the deal. “We’ll email you as soon as you’re approved to view the deal!” the website read.
Equipping the next generation of African tech Giants
Africa has a young population with a huge digital skills gap, which is diluting economic opportunities and development. According to a study by the International Finance Corporation (IFC) [pdf], some 230 million jobs across the continent will require some level of digital skills by 2030. AltSchool Africa is solving this problem by providing a platform where Africans can learn in-demand skill techs to access opportunities across the world. AltSchool Africa strongly believes that the key to unlocking Africa’s potential is to equip its growing population with the skill and tools they need to succeed in the digital age.
With over 17,000 applications processed from over 76 countries in 2022, AltSchool Africa’s CEO says they are just getting started. He believes that with the current funding round opened to communities, AltSchool Africa can make a real difference in the lives of young Africans. “As a community-oriented company, we are opening up a part of our round to communities. We believe that with your investment, we can make a real difference in the life of young Africans and help them access the opportunities they deserve,” Yusuf concluded.