By Adedapo Adesanya
Nexford University, an online learning platform that offers next-generation learning experiences, has secured a $10.8 million Series A fund.
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 the United States, the United Kingdom, France, Dubai, Switzerland, Qatar, Nigeria, Egypt, and Saudi Arabia.
The latest round brings the total funds raised by the company to $15.3 million, following a $4.5 million seed funding gotten in 2019.
The online school offers undergraduate degrees in business administration; 360° marketing; Artificial Intelligence & 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
The tuition structure is different from traditional universities. Its accredited degrees cost between $3,000 to $4,000 paid in monthly instalments.
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.
Speaking on the development, Mr Fadl Al Tarzi, CEO of Nexford University, “In 2021, it is not acceptable for less than 10 per cent of the world population to have a college degree, or for student debt in the US to be over $1.6 trillion. Now, with additional funding, we can invest in the technology and teams required to address these challenges.”
Adding his input, Mr 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,” Mr Aboyeji said.
Launched in 2019 by Mr Fadl Al Tarzi, Nexford University is filling affordability and relevance gaps by providing access to quality and affordable education.
Nexford University is a Washington-based, tech-enabled institution that leverages machine learning and Artificial Intelligence to create a data and skills-driven curriculum.
The university was founded on the beliefs that a lack of education is the root cause of most world challenges and that people should be able to access economic opportunities irrespective of physical location.