A UAE-based venture capital firm has led a funding round for Nexford University, a next-generation online university based in Washington DC.
The university announced the successful completion of a $10.8 million Pre-Series A funding round, led by Global Ventures.
Participating investors also included Future Africa’s new thematic fund focused on education plus angel investors, family offices and VCs from 10 countries including the US, UK, France, Dubai, Switzerland, Qatar, Nigeria, Egypt and Saudi Arabia.
Nexford is a tech-enabled online university and was founded on two beliefs that a lack of education is the root cause of most world challenges and that people should be able to access economic opportunities irrespective of physical location.
Nexford said it will use the proceeds to fuel its regional expansion plans particularly in Asia, continue building products to deliver skills employers are looking for and expand its B2B offerings.
With employer funded education already accounting for a large percentage of Nexford’s revenue, the university aims to expand its offering to meet rising needs for re-skilling and up-skilling in a post pandemic workplace.
Launched in 2019, Nexford’s revenues in 2020 grew by 300 percent, with learners enrolling from over 65 countries.
Nexford’s accredited degrees cost about $3-4k paid in monthly instalments. Learners choose when they study, have access to 24/7 support, and graduate at their own chosen speed. The monthly instalment structure means the faster a learner graduates, the less they pay.
Nexford University’s CEO, Fadl Al Tarzi, said: “In 2021, it is not acceptable for less than 10 percent 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.”
Global Ventures’ general partner, Noor Sweid, said: “We are thrilled to partner with Fadl and the Nexford team on their journey toward expanding access to universal quality higher education in emerging markets. Nexford University is redressing the mismatch between the supply of talent and the demands of today’s digital economy. This job is essential and necessary, and Global Ventures is excited to support the team in that endeavour.”
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