TUNISIA – GOMYCODE, a Tunisian edtech startup, has announced the completion of a US$8 million Series A financing.
The early-growth round was co-led by AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF), and Proparco, a French-based development finance firm.
GOMYCODE’s total funding now stands at US$8.85 million. In October 2020, it raised US$850,000 in startup funding. Wamda Capital, one of its seed round investors, doubled down on this fresh round of funding.
The startup expects the Series A money to help it expand into 12 countries, including South Africa, Kenya, Ghana, and Saudi Arabia. It also intends to expand its footprint in existing countries, including Egypt and Nigeria.
Since its inception, the firm has gained significant traction. The edtech platform grew from 100 students in its first year to over 4,000 active students now. About 55% of its students are from Tunisia, with the remainder coming from the other seven nations.
With this new financing, GOMYCODE plans to reach 100,000 students and develop 50 locations across Africa and the Middle East within the next two years. According to the company, approximately 1,000 students enroll in one of its 30 courses each month.
On why it invested, Khaled Ben Jilani, senior partner at lead investor AfricInvest, believes the African edtech industry is unexplored and that solutions like GOMYCODE “will have a huge positive impact on everyone in the tech and education ecosystem.”
Yahya Bouhlel founded GOMYCODE in 2017 and it now offers over 30 study courses spanning from web programming to digital marketing, data science to artificial intelligence.
Students must spend half of their time learning online and the other half at one of GOMYCODE’s network of 20 physical facilities. According to Bouhlel, the company has over 500 local teachers in each location who teach pupils in over 12 languages.
“We’re addressing a demand that almost no other company is capturing at our scale,” said the chief executive.
“Local traditional training centers offer outdated content and methodology, and international online players struggle to enroll African students due to their lack of understanding of local markets and unaffordable price points.
“We have a blended education model, we teach in twelve local languages, and we’re positioning ourselves as a regional leader.”
Students on the platform participate in two sorts of programs. One component is made up of skill-based introductory classes that can last up to three months and cost an average of US$250. The other segment includes 5-month career-driven studies that cost an average of US$750.
GOMYCODE claims to work with a variety of universities to put its pupils. It claims that its job-placement program has successfully placed 80 percent of its students.
It also works with corporate clients who use a study now, pay later model for their staff. This model accounts for only 10% of GOMYCODE’s revenue (the company’s overall revenue has increased three times per year since its founding).
“There are a lot of impact and mass market players. We are targeting a wide range of students. So our courses are not just for graduates or professionals, or people from a specific social class,” he said.
“GOMYCODE programs target mass markets, and our blended model makes us accessible and affordable, which you don’t see a lot.”
GOMYCODE is also present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal, and Nigeria, in addition to Tunisia.
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