Nigerian edtech startup AltSchool Africa will receive support from Rwanda’s $30 million innovation fund for its next growth phase. The fund aims to position Rwanda as a tech leader in Africa.
AltSchool, which provides online coding bootcamps and digital skills training similar to Kenyan bootcamp, Moringa, will receive strategic advisory assistance from impact firm Intellecap, fully covered by the Rwandan fund.
This comes after the fund made an undisclosed investment in AltSchool’s $3 million seed funding round this past April.
Details on Rwanda’s $30 Million National Innovation Fund
The Rwandan Innovation Fund was launched in 2021 thanks to a $30 million loan from the African Development Bank. Beyond the original loan, the fund hopes to attract another $30 million in investments from private backers, plus $8.6 million from the Rwandan government itself.
The overarching mission is to invest in 150 startups, incubators, and accelerators across Africa over the coming years. So far, $6.6 million has already gone to support 11 early-stage startups primarily based in East Africa.
AltSchool’s Rapid Growth and Impact in Rwanda
“The Rwandan government has been incredibly helpful since we entered the market, and we’re thankful for their proactive support,” said AltSchool co-founder and CEO Adewale Yusuf. The startup opened its Rwanda office last year and now has four full-time staff there, with plans to continue expanding the local team.
Other notable African startups like Flutterwave and Paystack have also established operations in Rwanda, citing the supportive environment for technology companies.
Overview of AltSchool’s Training Programs and Impact
AltSchool provides fully online learning covering business, data, software engineering, and other high-demand fields. The courses range from $20 to $50 per month. The startup also uses income-sharing agreements where students pay a percentage of their income after landing jobs. Job placement and internship connections are a key focus.
To date, AltSchool has trained about 20,000 learners across eight African countries. Unemployment is a persistent challenge across Africa, with only 3 million out of 10 million youth able to find stable jobs or income. AltSchool’s skills programs aim to directly address this by providing career-oriented education in both tech and non-tech fields.
Funding and Future Outlook for AltSchool
Rwanda represented AltSchool’s second external funding round after a $1 million pre-seed raise in 2022 from VCs like Voltron Capital and high-profile angel investors including Paystack co-founder Shola Akinlade.
With the robust support and vote of confidence from Rwanda’s innovation fund, AltSchool is poised to continue working toward its mission of closing Africa’s tech talent gap while empowering youth employment. The strategic backing also signals Rwanda’s commitment to developing homegrown talent and cementing its position as a pan-African leader in technology and innovation.