AltSchool, an edtech startup disrupting traditional education through income-sharing agreements (ISAs), is planting its roots firmly in African soil. Boasting support for over 60,000 learners across 105 countries and a steady $3 million in annual recurring revenue, the venture-backed company has its sights set on further growth.
Instead of conventional loans, AltSchool empowers students by offering reduced upfront costs for quality education in exchange for a small percentage of their future income. This innovative model aligns their success with the company's, creating a mutually beneficial partnership.
Founded in 2022, AltSchool has already garnered significant traction. It secured $3 million in May 2023 and a further $1 million pre-seed funding earlier the same year, solidifying its financial footing. As a recipient of the $30 million Rwandan Innovation Fund, the startup is demonstrably contributing to the continent's tech ecosystem.
Speaking to Techcabal, AltSchool founder and CEO Yusuf shared the company's future vision: "We want to deepen our presence in existing countries." This strategic emphasis on solidifying their foothold within established markets suggests a focus on organic growth and building long-term relationships with learners and communities.
With a successful model and ambitious plans for expansion, AltSchool is poised to revolutionize education access in Africa. By making quality education more attainable and aligning its success with that of its students, the company is paving the way for a brighter future for countless individuals across the continent.
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