$1.5 M Debt funding received by Kenya’s Ed Partners to aid affordable private schools
In order to offer private schools affordable financing, the Kenyan startup Ed Partners has obtained US $1.5 million in debt funding from social impact investor Oikocredit.
Ed Partners, which was established in 2018 by Lydia Koros and David FitzHerbert and is now run by CEO Amos Mwangi, offers financing options for essential components of the educational system, such as infrastructure, technology, and transportation. 350 schools have already felt its effects, which have affected over 100,000 students.
The startup, which raised US $1.9 million in funding in June 2021, offers infrastructure loans to educational institutions to help fund the building of new classrooms, restrooms, laboratories, and dorms as well as the purchase of computers, buses, vans, and internet connectivity.
Oikocredit is a social impact investor and global cooperative that aims to help people with low incomes in Africa, Asia, and Latin America improve their living standards sustainably. Ed Partners has now secured a further US $1.5 million capital in the form of a loan from Oikocredit. The money will be used to give private schools in Kenya more affordable loans.
“I am thrilled by the remarkable collaboration between Oikocredit and Ed Partners Africa. This funding collaboration will further increase Ed Partners’ capacity to offer loan facilities to affordable private schools to expand and improve their infrastructure in line with the requirements of the new education curriculum in Kenya. Our aim is to enhance the quality of education, improve access to learning resources, and foster sustainable development in African communities,” said Mwangi.
The collaboration, according to Lewis Nyaga, Oikocredit’s investment officer for East and Southern Africa, has created opportunities for the implementation of cutting-edge educational initiatives like curriculum development, teacher training programs, the integration of educational technology, and research projects.
“These initiatives will enhance the quality of education, improve access to learning resources, and foster sustainable development in African communities,” he said.
