UNICAF, an Africa-focused provider of University-level programs, is receiving an $11.5 million equity investment from CDC, the UK’s development finance institution. University Ventures and Savannah Fund also participated in the round. As part of the deal, former CDC Board Member Jonathan Kydd, a development economist and higher education expert, joins UNICAF’s Board of Directors.
The capital will be used to support UNICAF’s plans to establish higher education learning centers in several African cities, including the completion of a University campus in Malawi. The company, which was established in 2012, partners with Western universities to offer its own locally-accredited degrees to young professionals on the continent, most of whom study online.
