Enko Education, a network of African international schools based in Johannesburg, has secured $1.4m in pre-Series B funding. They plan to utilize the funding to develop their existing schools, open new ones, acquire more and also expand its school operator model.
The school network first received an equity investment from Proparco and I&P equity investments, in August 2016. They also received a $1.1 million in credit facility from Oikocredit and Bio Invest in 2017.
The $1.4 million fund investment was raised from institutional and private investors. LiquidAfrica, an investment bank also assisted in the investment round. Enko is currently targeting to raise $11 million later this year, for the second round of its Series B.
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Mr. Eric Pignot, founder and CEO of Enko Education, said the funding concludes the first stage of their Series B, which will continue later in the year. These funds according to him, will grant them the opportunity to reach 60 schools and 20,000 students by 2026.
Enko Education is currently operating 14 international schools in 8 African countries. Since the inception of Yaoundè in 2014, the group has grown a network of over 2,000 students from primary to secondary sections.
The groups students benefit from quality education. They also get personalized counselling in their University applications. Enko Education is the largest network of African schools offering International Baccalaureate programs.