Enko Education, a network of African international schools founded in 2013 in Johannesburg, has raised $1.4m in pre-Series B round to develop existing schools, open new ones, acquire some and expanding its school operator model.
“This funding concludes the first stage of our Series B, which is continuing in 2019 with the aim to raise an additional $11 million from private investors, family offices and impact funds” adds Mr. Eric Pignot, founder and CEO of Enko Education. “These funds will allow us to deliver our strategic plan, so as to reach 60 schools and 20,000 students by 2026.”
Enko Education had in August 2016 received equity investments from Proparco and I&P equity investments, and $1.1 million in debt with Oikocredit and Bio Invest in 2017.
The investments were raised from a pool of institutional and private investors. With the assistance of the investment bank LiquidAfrica, the group is now targeting to raise a further $11 million within the year, for the second round of its Series B.
“We’ve raised these funds in just 2 months. This record time illustrates the strong interest of investors in the Enko Education model, which has proven its relevance in addressing the education challenge in Africa. As a matter of fact, two thirds of the investors of this round are Africans, from seven different countries”, Mr Cyrille Nkontchou, founder and Chairman of Enko Education, explained.
Enko Education currently operates 14 international schools in 8 African countries and is growing. Since the launch of its first school in Yaoundé in 2014, the Enko Education group has established an African network of 14 international schools in 8 countries in Sub-Saharan Africa attracting more than 2,000 students from primary to secondary sections.
The students benefit from quality international education and individualised counselling in their applications to the world’s best universities. To date, Enko Education is the largest network of African schools offering International Baccalaureate programmes and was the first educational institution to kick-start these programmes in the countries it operates.
Enko School graduates are currently enrolled in some of the most prestigious universities worldwide such as Yale College in the USA, Science Po and Ecole Polytechnique in France, the University of Toronto in Canada, the African Leadership University in Rwanda and the Capital University of Economics and Business in China.