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PrepClass Nigerian education tech startup receives N98 million grant

The education tech startup is among eight tech startups selected from Africa and Asia regions, based on their relevance to the Sustainable Development Goals (SDGs).

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PrepClass receiving similar grants. play

PrepClass receiving similar grants.

(Tech Cabal)

Nigeria-based education tech start-up, PrepClass, has been awarded a grant of £250,000 (which is equivalent to $322,000 (N98 million)) by the GSMA's Ecosystem Accelerator Innovation Fund.

PrepCalss is an online academic solution provider/platform that connects tutors and learners.

The GSMA Ecosystem Accelerator Innovation Fund provides some selected start-ups in Africa and Asia with grant funding, technical assistance, as well as opportunity to partner with major mobile operators in their markets, to transform their products and services into sustainable businesses with positive socio-economic impact.

The GSMA often provide grants within the range of £100,000 to £250,000, based on certain requirements set by the fund.

Selected tech startups and country of origin play

Selected tech startups and country of origin

(GSMA)

Based on information on the GSMA website, Nigeria’s PrepClass was among the nine grantees from across Africa and Asia announced in the first round of the grant application started in 2016.

“After months of careful due diligence and fleshing out full applications, our Fund Panel of seasoned experts in the field of mobile technology, development, and impact investment selected our first portfolio. We are pleased to announce our first round of nine grantees from across Africa and Asia announced in the first round.”

The PrepClass was privileged to claim the maximum amount, which also means it will be required to raise 50% ($161,000 – N49 million) of the grant from its current or prospective investors.

GSMA have positioning itself as a partner, who is willing to work with innovative entrepreneurs from Africa and Asia, in particular. The program also plan to help identified tech startups explore synergies with mobile operators, and how to leverage mobile technology to its fullest to maximize socio-economic impact.

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