Kenyan startup Ed Partners has secured US$1.5 million in debt funding from social impact investor Oikocredit to provide affordable financing to private schools.
Founded in 2018 by Lydia Koros and David FitzHerbert, and currently led by CEO Amos Mwangi, Ed Partners provides financing options for crucial elements of the education system, including infrastructure, technology, and transport. Its impact has already reached over 100,000 students across 350 schools.
The startup, which raised a US$1.9 million funding round in June 2021, provides infrastructural loans to educational institutions to support the construction of new classrooms, washrooms, laboratories and dormitories, as well as the acquisition of computers, buses, vans, and internet connectivity.
Ed Partners has now secured a further US$1.5 million capital in the form of a loan from Oikocredit, a social impact investor and worldwide cooperative that aims to enable people with low incomes in Africa, Asia, and Latin America to improve their living standards sustainably. The funds will be utilised to offer more affordable loans to Kenyan private schools.
“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.
Lewis Nyaga, Oikocredit’s investment officer in East and Southern Africa, said the collaboration opened up opportunities for implementation of innovative educational initiatives, such as curriculum development, teacher training programmes, educational technology integration, 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.
