Nigerian edtech startup AltSchool Africa will receive support from Rwanda’s $30 million innovation fund for its next growth phase. The fund aims to position Rwanda as a tech leader in Africa.
AltSchool, which provides online coding and skills training like US bootcamp BloomTech, will get strategic help from advisory firm Intellecap. This support is fully covered by the Rwandan Innovation Fund, which invested an undisclosed amount in AltSchool’s $3 million fundraiser this April.
The innovation fund was launched in 2021 with a $30 million loan from the African Development Bank. Beyond the original loan, it hopes to attract another $30 million from private backers, with $8.6 million from the Rwandan government. The goal is to invest in 150 startups, incubators and accelerators across Africa. So far, $6.6 million has gone to 11 East African startups.
“The Rwandan government has been very helpful since we entered the market, and we’re grateful for their support,” said AltSchool CEO Adewale Yusuf. The startup opened a Rwanda office last year and now has four staff, with more roles opening. Other companies like Flutterwave and Paystack have also established operations in Rwanda.
AltSchool provides fully online learning covering business, data, engineering and more. Unlike BloomTech, courses range from $20-$50 monthly. The startup also uses income-sharing agreements where students pay a percent of income after getting jobs. Internship placement is key.
So far, AltSchool has trained about 20,000 learners across eight African countries. Unemployment is a persistent issue in Africa, with only 3 million out of 10 million youth able to find jobs or income. AltSchool aims to provide career-building skills, both in tech and beyond.
Rwanda was AltSchool’s second funding round after a $1 million pre-seed round in 2022 from VCs like Voltron Capital and angel investors including Paystack’s Sola Akinlade.
With support from Rwanda’s innovation fund, AltSchool can continue working to close Africa’s tech skills gap while empowering youth. The backing signals Rwanda’s commitment to developing homegrown talent and becoming a pan-African tech leader.