Nigerian education technology startup, Edves has raised $120,000 investment from two Nigerian based VC firms. The new seed round funding was provided by Chinook Capital and CcHub’s Growth Capital.
We are happy to announce our 1st Seed Round Investment of $120k USD from @nextgenfund and @chinookNG. We are excited to work with these great ventures because of their agape Love for Education, depth in Emerging Economy & the strong teams they have built CC @Cc_HUB @bosuntijani
— Edves (@EdvesSuite) November 2, 2018
Founded by Dimeji Falana and Dare Adebayo, Edves is a cloud-based school management software platform. It provides an integrated suite of services, allowing schools manage report cards, fees payment, digital learning, student enrollment and much more.
The platform also allows parents view certain details about their children/wards as well as pay fee on the platform. Considering that not all parents are tech savvy, these details can be accessed via text, email, an app or the web platform itself.
The Edves platform debuted in 2016 following a discussion with a school director. The director had lost all data about his school previously kept on a low quality school management system. Edves was launched to avoid a repeat of this.
“Many of our clients have lost data to disasters before they joined Edves. We built Edves to protect and manage vital academic information in a proper format,” Falana told Disrupt Africa in 2016.
The startup believes customization for individual schools is a key feature that attracts more schools to the platform.
“Schools and colleges now have a portal they can call their own. The theme, logo, computing style, and reporting sheets are delivered based on school specification,” Falana said.
Growth and Funding
Since its launch, the platform has grown gradually to attain relatively impressive numbers. By 2016, the platform already had 60,000 users, and had been deployed to 70 schools. However, on the Android Play Store, the app has less than 1,000 downloads.
After its launch, the startup became a cohort for the CcHub/Intel Growth Academy Accelerator programme. The 3-month programme afforded the startup the chance to pitch before a crowd of impressive investors and entrepreneurs.
We dedicate this award to every Educator in Africa.
Uhm, a call for more responsibilities.
Thank you for. pic.twitter.com/Tp4ABKdxcn
— Edves (@EdvesSuite) April 13, 2018
In April 2017, it secured a $21,500 grant from an undisclosed source according to Crunchbase. And in April 2018, Edves was named winner of the Transforming Education Prize at the 2018 Seedstars World Summit in Switzerland. This helped it secure a $50,000 grant from Seedstars World.
The latest $120,000 funding round is the most important funding the startup has received though. And it comes at a really crucial time when many startups have developed school management systems.
Nevertheless, Edves will aim to lead the sector. And it should be looking to scale its operations to many other states in Nigeria.
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