- Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya
- The tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months
- Moringa said the investment from Proparco will help them in preparing for Series A funding in 2023
Multi-disciplinary learning accelerator Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya.
In a statement seen by The Exchange Africa, the tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months.
The career accelerator for Tech professionals in Africa has been training High School/University Graduates to be Software Engineers and Data Scientists for the past seven years in Kenya and achieved market leadership training for over 4,000 students with an employment rate of over 85%.
Moringa said the investment from Proparco will help them prepare for Series A funding in 2023. Apart from International expansion outside Kenya, the financing from Proparco will also facilitate broadening the range of courses offered by Moringa.
Currently, the institution offers Software Engineering, Data Science and Soft Skills courses with plans to provide lessons in UI/UX design soon.
Moringa CEO Snehar Shah said the investment is timely as the company is keen to leverage the partnership to train many more students using the leading US Bootcamp curriculum from Flatiron School.
“In line with our vision of a world in which anyone can create their future, we welcome the support of Proparco to make our courses available in new markets in Africa,” Shah said.
Françoise Lombard, Proparco’s CEO, said that supporting the African tech ecosystem is one of their key priorities.
“Through our investment in Moringa, Proparco is proud to support an ambitious Edtech in its expansion in Africa and thus contribute to bridging the skills gap affecting the growth of startups on the African continent.”
Proparco supports Aga Khan hospitals
In a related story, the Aga Khan hospitals in East Africa recently received a KSh 290 million grant from Proparco to increase access to health care services by boosting oxygen supply and supporting needy patients with quality care.
Released in February 2022, the grant is expected to benefit the Aga Khan University Hospital, Nairobi and the Aga Khan Hospital in Mombasa, Kisumu and Dar Es Salaam, including 94 outreach and medical centres of the Aga Khan Health Services in Kenya and Tanzania.
The project would also provide financial support to scale up oxygen supply and critical care capacity in Mombasa and Kisumu counties. It would also support the welfare funds run by the Aga Khan hospitals and outreach and medical centres that enable qualifying needy patients to access quality care at no cost.
The grant was made possible by funds allocated to Proparco by the French Ministry of Europe and Foreign Affairs.
Aline Kuster-Ménager, French Ambassador to Kenya said that cooperation in the health sector is a strong pillar of the French-Kenyan relations and a key component of the partnership between European and African countries, which will be celebrated this week at the European Union-African Union Summit.
“I am very happy to witness today yet another example of the fruitful cooperation between the AFD Group and the Aga Khan Development Network to build more inclusive and resilient health systems in Kenya and Tanzania,” said Aline.
Proporco funds Equity Bank
In November 2021, Proparco granted Equity Group two guarantee facilities, ARIZ and EURIZ, totalling €39 million (5 billion KES) to help the Kenyan bank further support job-creating MSMEs.
The investment was part of the visit to Kenya of the French Minister’s Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.
The French investment firm also granted a €550,000 (KSh 70,000 million) technical help facility to support Equity Group Foundation’s health projects.
The EURIZ guarantee and the technical help grant benefited from support from the European Union and the Organization of African, Caribbean and Pacific States.