SA’s FoondaMate raises $2m seed round to close education inequality gaps FoondaMate, a South African ed tech startup has raised US$2 Million in seed funding. It aims to reduce global education inequality using its AI-powered learning platform.
In August 2020, Tao Boyle & Dacod Magagula established the foundation. FoondaMateA chat-based, AI powered learning bot has been developed by Helps students to get quick, easy, and secure access to study materials. Also provides support via open chat platforms such WhatsApp Messenger and Facebook Messenger. It is currently used by more than 400,000 students in over 30 languages. FoondaMate now targets further growth, having secured a US$2million seed round. LocalGlobe was the lead investor, with participation from FirstCheck Africa (Lower Education), LoftyInc and Future Africa. Justworks co-founder Isaac Oates was also part of the round. FoondaMate will make use of the investment to expand its product and engineering team. FoondaMate’s first region is Indonesia. “At FoondaMate, we believe talent is equally distributed yet opportunities are not. There are often competing factors that contribute to educational inequality — not just in Africa, but across the world — and our technology is helping to universally address these. It’s humbling to think so many learners trust us to support their desire to learn and it’s a responsibility we take incredibly seriously. We’re thrilled to have investors that share our passion and who believe in the power of revolutionizing how and where students learn,” said Magagula. Ziv Reichert, partner at LocalGlobe, said FoondaMate’s viral growth strongly reflected how well the product resonates with learners and spoke volumes to its team’s deep understanding of its users’ needs. “Having initially launched with a mission to transform how students across Africa study, FoondaMate has evolved into a tool that is now used and loved by learners from a range of backgrounds, with varying needs and learning styles, from all across the world. It takes empathy to solve a problem and a long-term perspective to create a product such as this. With more than 400,000 users, it’s fair to say that Dacod and Tao are just getting started and we’re delighted to be supporting them on their journey,” he said.