Nexford online University has raised $8 million in Series A funding to increase affordable and inclusive access to education.
The fund will enable Nexford expand into new markets, accelerate its academic offerings and technology infrastructure, including the launch of several career pathway programs.
The round was led by US-based edtech venture capitalists, New Markets Venture Partners and Learn Capital. Jason Palmer, General Partner at New Markets Venture Partners and Greg Mauro, Learn Capital’s Managing Partner will join Nexford’s board.
Other investors who participated in the round include Learn’s Emerging Markets Fund anchored by International Finance Corporation (IFC), Bisk Ventures, Global Ventures, Future Africa, the U.K.-based investment firm AMK Investments and the Future of Learning Find.
Nexford was launched by Fadl Al Tarzi in 2019 to bridge the educational gap involving high expenses, giving students the required and sustainable skills to succeed now and in the future.
After application and admission into a required degree or course program, users can choose how fast or slow they want the program to be, they can study at their own pace. Nexford targets English-speaking countries with underserved citizens such as Nigeria.
The West African country is the only market where the U.S.-based edtech has learning community spaces that helps learners circumvent infrastructural problems like the internet and transportation. The company plans to launch such centres in markets like Kenya and the Philippines.
Bachelor’s degrees in the online school include courses in business administration, AI and automation, business analytics and product management; business administration, advanced AI, e-commerce, hyperconnectivity, sustainability and world business courses. Nexford also plans to add software engineering, data science, clean energy, business analytics, digital marketing and project management within a short period.
The startup will continue to invest in product and geographical expansion, as well as technology, increasing its efficiency without the need to increase tuition fees.