Access to higher education is a major problem in developing countries – especially in Africa, where the enrollment rate is just 12%, compared to a global average of 32%, according to UNESCO. And just 6% of children in Sub-Saharan Africa will go on to enroll in higher education. Given the often prohibitive costs of building brick-and-mortar universities, online learning platforms offer greater accessibility to higher education in developing economies.
Cyprus-based Unicaf partners with accredited universities in the US, the UK, and Africa to offer online degrees to underserved markets, with a focus on Africa. Its online platform offers access to higher education for those living in remote locations, with prior familial or work obligations, or who cannot afford traditional tuition fees, with many students eligible for scholarships. Currently, more than 16,000 students are enrolled in programs through Unicaf.
Founded in 2012, the higher education platform has just raised €25 million in Series B financing in a round led by Goldman Sachs, with participation from existing investors, including the CDC Group, University Ventures, and Edex.
Unicaf plans to use the new funding to increase enrollment to over 100,000 students, expand its program offering, and open more campuses in Africa.