Nigeria’s Learning Platform, uLesson Raises $15m Expansion Fund

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Managing Director, uLesson, Sim Shagaya

Nigerian educational technology company uLesson has announced the raising of $15 million in Series B funding, describing the development as the largest disclosed investment in an African edtech startup to date.

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The 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.

Speaking on the recent development, the company Managing Director, Sim Shagaya said they are 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

The 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. The startup, which has reported a 430% increase in users by 2021, plans to invest more in product development and strengthen its learning technology

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.

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WWith 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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