Nexford University, an online university based in Washington DC, has announced that it has raised $10.8 million in a Pre-Series A funding round.
The university will use the money raised to fuel its regional expansion plans particularly in Asia, continue building products to deliver skills employers are looking for, and expand its B2B offerings.
“In 2021, it is not acceptable for less than 10% of the world population to have a college degree”
The funding round was led by UAE-based venture capital firm, Global Ventures. Participating investors included Future Africa’s new thematic fund focused on education, plus angel investors, family offices and VCs from 10 countries around the world.
“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,” said Nexford University’s CEO, Fadl Al Tarzi.
“Learners want high-quality, yet affordable education relevant to today’s business environment, whilst retaining the flexibility remote learning provides.
“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.”
Launched in 2019, Nexford uses machine learning and Artificial Intelligence to create a data and skills-driven curriculum.
Its accredited degrees cost around $3-4k and are paid in monthly instalments. Learners choose when they study, have access to 24/7 support, and graduate at their own chosen speed.
The company’s revenues grew in 2020 by 300%, with learners enrolling from over 65 countries.
“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,” said Global Ventures’ general partner, Noor Sweid.
“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.”
In Nexford’s latest learner survey, 98% said they would recommend Nexford to others and 95% said they gained valuable workplace skills.
