Enko Education, the private school network founded by Cyrille Nkontchou and Eric Pignot, has landed $2.2 million for its Series A round from Proparco, the French development finance institution, and Investisseurs & Partenaires, the Africa-focused private equity impact investment firm. Each investor invested $1.1 million in the equity deal which was announced last week.
The capital will be used to both fund the operations of its existing schools as well as execute the launch of Enko Education’s planned new schools in 2016 and 2017. Currently, the company has three schools in its portfolio, located in Cameroon, Mozambique and South Africa. An additional three secondary schools will open in Cameroon and Cote D’Ivoire in September time for the beginning of the next academic year.
Enko Education’s strategy is to partner with local private schools, leveraging their connections with the market and knowledge of the local education system. Enko provides the schools in this network with education engineering services, innovative teaching methods and curricula, allowing them to earn International Baccalureate accreditation within a year. By pursuing what it terms an “asset-light” strategy, Enko is able to undercut its market competition on price and attract a larger share of the continent’s growing upper and middle classes.
Enko Education plans to have opened an additional thirty schools within the next 5 years, primarily in francophone and southern Africa.
Proparco’s participation in this transaction was originated out of the institution’s Johannesburg office, which is headed by Denis Sireyjol.