Decagon, a software engineering startup, has announced its USD 1.5 Mn seed round and a student loan financing facility of USD 25 Mn from the Nigerian financial institution Sterling Bank. For its equity financing, Decagon raised money from Kepple Africa and Timon Capital. Some angel investors like Paul Kokoricha, managing partner of the private equity business of ACA, and Tokyo-based UNITED Inc., also took part.
Decagon runs a six-month software engineering program and selects its candidates based on merit. It’s a paid program, and the software engineers are expected to pay about N2 million (USD 4 K) tuition to get in. Then, the company employs an income-sharing model when the engineers find work and start earning upon graduation.