Decagon, a Nigerian IT firm, has secured $1.5 million in a seed round to help it achieve its goal of developing outstanding software developers.
The round was led by Kepple Africa and Timon Capital, with Paul Kokoricha ACA Managing Partner, and Tokyo-based UNITED Inc.
It has also raised a $25 million loan funding facility for students.
Cooperation between the financier Sterling Bank and the Central Bank of Nigeria enabled the finance.
The company offers a $4,000 six-month compensated software engineering course.
Nonetheless, if the trainees cannot fund the program, the cost will be covered by student loan funding. It is expected that students who choose this option will pay back approximately $6,000 over the course of three years.
Decagon states to be the first in Nigeria to offer such loan funding to students.
The startup also says to have admitted 440 individuals for its program from a pool of 80,000 applicants.
Beginning in Nigeria, Decagon intends to solve the global lack of representation of black people in the tech industry. It also intends to increase female involvement in its cohorts to empower women.
The funds will also be used to expand the company’s EdTech, fintech, and future of work operations.
The company describes itself as a crossroads of EdTech, fintech, and the future of labor. It focuses on software and mobile app development, website design, user experience design, and product marketing.
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