Following its recent selection for the GSMA Ecosystem Accelerator Innovation Fund, Nigerian online academic solution provider, PrepClass has been awarded a grant of £250,000 (which is equivalent to $322,000).
The grant provided by GSMA is often within the range of £100,000 to £250,000 (depending on meeting certain requirements) and, as the only startup selected from West Africa, PrepClass was privileged to claim the maximum amount. A significant part of the amount in question has been received, while the rest will be paid based on milestone.
Noteworthy is that the grant does come with a condition of 50% matching funds from investors. In other words, PrepClass will be raising at least $160,000 from their investors to match the $322,000 that GSMA has awarded. Bringing the total amount that is connected with the GSMA accelerator to $482,000.
The news which was broken via the GSMA website, after months of careful due diligence and fleshing out full applications, validates not only the work that the founders (Chukwuwezam Obanor and Olumide Ogunlana) are doing but PrepClass as a whole.
The GSMA Ecosystem Accelerator Innovation Fund is aimed at providing technical assistance to business in emerging markets such as Africa and Asia, in order to help scale their products and services into sustainable businesses with positive socio-economic impact.
The next round of applications will open on the 1st of June 2017 with all pitches due on 16 July 2017. To find out more, please visit gsma.com/eainnovationfund.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.