Seemingly on an investment spree as of late, Nigerian venture capital investment firm Microtraction has made another round of investment in a Nigerian Edtech startup known as Allpro. The founding was announced to be around USD 15 K, going by Microtraction’s standard deals.
This is the fourth startup the firm is pumping funds into in the space of three months. Less than 48 hours ago, Weetracker reported that Wallet.ng had secured its own round of funds, and now, Allpro, in less than 24 hours after being unveiled as one of the pioneering startups to participate in female-focused tech accelerator GreenHouse Lab, has secured its first funding round from this Bademosi-led firm.
Allpro is building an end-to-end lending platform targeted to Nigerian schools. The solution this Edtech is bringing to the industry is underwriting credit risks for lenders while making access to credit easy for various stakeholders in the school ecosystem, including school owners, parents, and teachers. The startup was founded in 2017 by Henry Nnalue, who is a former worker at various school management software companies. With 6 years experience in the industry, he is running Allpro with his partner Angela Essien as the COO and founder. Angela formerly worked as a network engineer at Ettetronics Nigeria Limited and has taught in various schools – a medium through which she garnered relevant and sufficient knowledge to understand the challenges being faced in the sector.
The Nigerian educational sector has a huge problem of underfunding, as only a little percentage of school owners can access loans. This investment in Allpro may be the beginning of a meteoric rise in the sector, as it will contribute a large part in addressing the many challenges that form a seemingly formidable wall around education in the most populous black nation.
This development was first reported by Techpoint.