Tencent and Nielsen Ventures launch historic $15m African EdTech funding round

The $15 million Series B investment in Nigerian edtech leader uLesson was supported by Tencent and Nielsen Ventures. It also included existing investors Owl Ventures, TLcom Kapital, and Founder Collective. This investment is the largest in Africa’s EdTech industry.

Since September, when uLesson introduced live lessons on its app, the demand for them has increased by 222 percent

uLesson will use the capital to invest in product development and core technology, as well as add cohort-based learning features.

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The company plans to expand on its science and mathematics content and add social sciences and financial accounting as secondary content libraries. It will also include qualitative and quantitative reasoning at the primary level.

Sim Shagaya founded the company in 2019 and has seen tremendous growth from its learners.

The daily average user grew by 430 percent in 2021 and the demand for live lessons grew by 222% since September. The uLesson App has been downloaded 2 million times, with more than 12 million videos viewed and 25,6 million questions answered.

Sim Shagaya (CEO of uLesson), said in a media release, “We’re delighted to achieve this milestone which will take me further in bringing high-quality and affordable education to all Africans.”

“We are delighted to be joined in by seasoned investors like Tencent who bring a wealth of experience from their investments into education technology. We can learn faster to better serve the African EdTech market with the support of incredible partners.

uLesson is a charity that seeks to provide relief and support to Africa’s overburdened education system. The ratio of pupil to the teacher is 58:1 in primary school and 43:1 in secondary school. These ratios are among the highest in the world.

“I believe that entrepreneurs can transform the world. “I’ve seen Uber transform transportation and Coupang re-imagine eCommerce at Founder Collective. I believe that uLesson can set new standards in education in Africa,” David Frankel, Managing Partners at Founder Collective.

“The lack of opportunities has held back the incredible talent of the continent for too long.” Sim Shagaya’s vision of more affordable and accessible education opportunities for millions more people is something I am proud to support.

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