Kenyan startup Ed Partners Africa, a non-banking financial institution serving affordable private schools, has raised US$1.9 million in funding as it bids to improve the quality of education received by learners from low-income communities.
Founded in 2018 by Lydia Koros and David FitzHerbert to improve access to affordable, quality education in Africa, Ed Partners provides loans to affordable private schools by bringing access to formal credit to their doorstep.
So far, the company has cumulatively disbursed US$1.5 million to 142 schools reaching out to 41,000 students. It now plans to scale that impact after securing backing from global social impact investor Acumen, I&P, Zephyr and existing investors.
“With this additional investment, we will be able to extend much-needed funding to more affordable private schools in Kenya,” said Amos Mwangi, chief executive officer (CEO) of Ed Partners Africa.
“Affordable private schools in Kenya play an important role in delivering education and can be integral to breaking the cycle of poverty,” said Abdulkarim Mohamed, portfolio manager at Acumen.
“We are excited to support Ed Partners Africa with the first investment from our Education Facility and will work with them to strengthen school infrastructure and improve access to quality education for children from low-income households.”