SOUTH AFRICA – Education technology specialist HyperionDev has secured more than US$3.54 million in funding, some through private investments and some through public crowdfunding.
The fundraising round, which took place in March 2021, will help the company, which runs coding bootcamps, to expand into new markets, including the UK and the US.
The edtech will also provide US$247,836 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 US$1.06 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 US$2.64 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.
Founded in 2012, HyperionDev exists to close the growing global tech skills gap through affordable tech education and has helped thousands of students learn job-ready developer skills so they can pursue careers in tech.
HyperionDev’s coding bootcamps are accessible to complete beginners, where individuals can take online courses using personal computers or mobile phone devices, even without a broadband connection.
“I strongly believe that accessible tech education is the future of social upliftment and mobility for thousands of people across the globe”
Riaz Moola – CEO, HyperionDev
According to HyperionDev, it is perfectly placed for a wave of rapid growth, following the online edtech revolution that bloomed in the wake of global lockdowns and social distancing: the company has seen a 640% revenue growth since 2018, while lockdown has seen the company record 254% growth in active users, surpassing more than 100,000 student registrations.
“I strongly believe that accessible tech education is the future of social upliftment and mobility for thousands of people across the globe. In South Africa, there are too many people who do not have the skills nor opportunity to find well-paying, decent jobs,” said Riaz Moola, Founder and CEO, HyperionDev.
“We believe that ed-tech is going to dominate education in the coming years. There isn’t a better time to make an investment in both your future, and the future of hundreds of deserving people as we enter our next phase of explosive growth in the UK and international markets,” said Moola.
The HyperionDev Series A milestone will mark the next stage of its planned expansion into UK and US markets on the back of the company’s success in Africa.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE
