GOMYCODE, a Tunisian-based edtech startup, which was founded in 2017, said that it has raised US$8 million in a Series A round.
It’s the continent’s biggest around at this point (save for Andela if it’s not counted as an ed-tech). The early-growth round was co-led by AfricInvest’s Cathay AfricInvest Innovation Fund (CAIF) and Proparco, a French-based development financing firm.
GOMYCODE’s total funding now stands at $8.85 million. In October 2020, it secured $850,000 in startup funding. Wamda Capital, one of the seed round’s investors, backpedaled on this fresh round of funding.
GOMYCODE is also present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal, and Nigeria, in furthermore to Tunisia.
The Series A funding will help the firm expand its footprint in 12 countries, such as South Africa, Kenya, Ghana, and Saudi Arabia. It also intends to expand its footprint in existing countries, including Egypt and Nigeria.
GOMYCODE makes use of the latter. It has around 30 courses ranging from web development to digital marketing, and data science to artificial intelligence.
Students must spend half of their time studying online and the other half learning in one of GOMYCODE’s 20 physical facilities.
According to Bouhlel, the startup has over 500 local teachers in each location who teach pupils in over 12 languages.
On the other hand, it works with corporate clients who adopt a study now, pay later strategy for their staff. This model accounts for only 10% of GOMYCODE’s revenue (the firm’s overall revenue has increased thrice every year since its launch).
The edtech platform has expanded from 100 active students in its first year to over 4,000 now. Tunisia accounts for about 55 percent of the students, with the remaining seven countries sharing the rest.
GOMYCODE will go into full blitzscaling mode with this additional funding, with the goal of reaching 100,000 students and opening 50 facilities across Africa and the Middle East in the next two years.
Every month, approximately 1,000 students join one of the startup’s 30 courses, according to the firm.
Source: https://techbuild.africa/edtech-startup-gomycode-secures-8m-series-a-round/