Cape Town-headquartered education technology specialist HyperionDev has secured more than R50-million in funding, some through private investments and some through public crowdfunding.
The fundraising round, which took place over 12 weeks, will help the company, which runs coding bootcamps, to expand into new markets, including the UK and the US. It will also provide R3.5-million in scholarships for students in need.
“This combined funding strategy attracted over 1 500 investors from more than 20 countries, culminating in one of the largest-ever edtech series-A fundraises in Africa,” the company said.
“HyperionDev’s public investment crowdfund on crowd investment platform CrowdCube was particularly successful: From its original goal of raising R15-million in 31 days, the company was swarmed with public interest, surpassing its target in just five days. Within 14 days, HyperionDev’s campaign raised R37.3-million,” said CEO Riaz Moola.
Moola, who founded the business, said HyperionDev saw a 254% growth in active users during lockdown, and more than 100 000 student registrations.
Investors were promised a reward of a free or heavily discounted bootcamp with their investment; many of them have chosen to donate their bootcamp reward to needy students. —
Source: NewsCentral Media