Nigerian ed-tech startup Edves has raised a US$575,000 seed funding round to help it improve its product and bring more schools online.
Formed in 2016, Edves is an academic portal that automates operations in schools and colleges from admission to transcript generation.
The platform reduces teacher and administrator workload and gives them opportunities to mark attendance and prepare classroom lessons using AI algorithms. Edves is active in almost 800 schools across Nigeria, Ghana and Zimbabwe, and planning further expansion.
It was reported late last year the startup was in the process of raising a US$500,000 seed round, and it has now closed that round at an oversubscribed final figure of US$575,000. The round was led by Beta.Ventures and also featured Launch Africa Ventures, Chinook Capital and Future Africa. Edves will use the investment to fuel product improvement, and release new offerings to address fresh consumer needs in the Nigerian market and major segments in other African markets.
Beta.Ventures general partner Ovo Emorhokpor said his firm had a clear mandate to support exceptional African startups and entrepreneurs bringing actual value to Nigeria and other African communities.
“We have witnessed Edves firsthand and seen how they deliver on their promise to digitise the learning process in and out of the classroom in Africa. We are thrilled to be part of their journey as they scale their offerings and expand into new markets,” he said.
Zachariah George, managing partner at Launch Africa Ventures, said with nearly 60 per cent of Africa’s population of 1.4 billion being under the age of 25, digital teaching and learning is a “must-have and not a nice-to-have”.
“Schools all over the continent need easy-to-use, secure learner management software that encompasses all school needs by addressing specific challenges with capturing data, paperwork, and improving every area of school operations. With its proprietary technology, presence in three countries and nearly 800 institutions already onboard in Nigeria alone, we feel very confident in the Edves team’s ability to tackle this huge opportunity head-on,” he said.