Nigerian edtech company AltSchool Africa will receive strategic support worth $30m from Intellecap, a consulting firm with a focus on Asia and Africa.
TechCabal revealed that AltSchool will use the support, which is entirely funded by the Rwandan Innovation Fund, to plan for its upcoming expansion phase.
In April 2023, AltSchool Africa raised $3m Angaza Capital, a venture capital firm that co-manages the Rwandan Innovation Fund according to information from Pitchbook,
The CEO of AltSchool, Adewale Yusuf, acknowledged that his company had previously gotten investment from the innovation fund but would not provide specific numbers.
In an effort to develop Rwanda as a technological powerhouse for Africa, the African Development Bank loaned $30 million to establish the Rwandan Innovation Fund in 2021.
In recent times, Rwanda has been a haven for African startups. In 2022, AltSchool established an office at the Norrsken centre in Rwanda, and earlier in the year, Flutterwave established a settlement hub in the East African country and Paystack verified plans to expand into Rwanda.
