Adiwale Fund I backs education company
Adiwale Partners announced a minority investment in Enko Education by Adiwale Fund I. The fund led a $5.8 million series B round gathering new and existing institutional investors and family offices. Investors include prominent figures in international education and entrepreneurship in Africa.
Enko Education started operations in 2014. It offers the International Baccalaureate (IB) at a fraction of what other IB schools on the continent are charging. The group has 3,500 students and operates 13 schools in nine African countries (Burkina Faso, Côte d’Ivoire, Mali, Senegal, Cameroon, Botswana, Mozambique, South Africa and Zambia). With this new fundraising, the group is well positioned to reach 10,000 students in 2025. Future growth will be driven by acquisitions and management contracts.
Enko Education founders Cyrille Nkontchou (chairman) and Eric Pignot (CEO) said, “This partnership with Adiwale Partners will allow Enko Education to accelerate its development on the continent. We intend to make acquisitions and sign partnerships with schools that will be managed by Enko Education, making those schools more competitive and impactful than on a standalone basis.”
Jean-Marc Savi de Tové, managing partner at Adiwale Partners commented, “We look forward to collaborating with Enko Education’s management and shareholders. This round of financing will allow the group to develop its network, strengthen its operational capacities and develop its value proposition as a school operator, enabling thousands of African youth to receive top quality education and later access the best universities in the world.”
Vissého Gnassounou, managing partner at Adiwale Partners added, “We are delighted with this new partnership. With the enormous work accomplished by the founders and senior management in recent years, Enko Education enjoys an excellent reputation among the public and other various partners. Adiwale Fund I’s investment will enable the group to strengthen its presence throughout our target region.”
PwC Côte d’Ivoire advised Adiwale Fund I on the financial due diligence and EBS Advisory on the environmental and social due diligence. Africa Learning International advised Adiwale Fund I on technical and operational aspects.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.