Finance

Nigeria’s learning platform uLesson raises a $15mln expansion fund

Tuesday, 14 December 2021 14:57
Nigeria’s learning platform uLesson raises a $15mln expansion fund

(Ecofin Agency) - After securing $7.5 million in funding earlier this year, Nigerian Edtech uLesson raised additional resources to support its expansion.

Nigerian educational technology company uLesson recently announced it has raised $15 million in Series B funding. The two-year-old firm calls the deal “the largest disclosed investment in an African edtech startup” to date.

The startup, which has reported a 430% increase in users by 2021, plans to invest more in product development and strengthen its learning technology. “We’re thrilled to achieve this major milestone which will take us further in bringing high quality and affordable education to all Africans. We’re delighted to be joined by seasoned investors such as Tencent, which brings a wealth of experience from their investments in education technology. Backed by incredible partners, we can accelerate our learning to serve the African edtech market more effectively,” MD Sim Shagaya said.

This investment comes 11 months after the company secured $7.5 million in Series A funding from investors Owl Ventures, TLcom Capital, Founder Collective, and LocalGlobe. uLesson plans to expand into East and Southern Africa. It is estimated that families in Nigeria spend up to 25% of their income on schooling for their children, despite many shortcomings in the education system. With the covid-19 pandemic, demand for e-learning has exploded.

uLesson has made Nigeria its main market (85% of overall subscribers), although it has a presence in 10 other countries.

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