Nexford University, the US-based institute known for its next-generation online curriculum, has announced the closure of its Pre-Series A round. The net capital inflow from the round stands $10.8 million.
Nexford confirmed that the round was led by Global Ventures and with significant contributions coming from Future Africa’s education-focused fund, family offices, venture capital firms, and angel investors. Overall, investors from 10 countries including the US and the UK are believed to have participated in the round.
For those unfamiliar with the university, Nexford was founded in 2019 as a tech-enabled online university. The vision behind the institute is to provide quality education, and by extension economic opportunities to the masses irrespective of their physical location.
Following the successful Pre-Series A round, Nexford University’s CEO, Fadl Al Tarzi, commented “For years, millions of global learners have expressed dissatisfaction with the status quo, and millions more are on the side lines left underserved by current options. Learners want high-quality, yet affordable education relevant to today’s business environment, whilst retaining the flexibility remote learning provides.”
He added, “In 2021, it is not acceptable for less than 10% of the world population to have a college degree, or for student debt in the US to be over $1.6 trillion. Now, with additional funding, we can invest in the technology and teams required to address these challenges.”
Nexford plans on using the capital from the round to expedite its regional expansion throughout Asia and enhance its B2B offerings. It will also be building new products to deliver skills that employers across the globe are looking for.