iFunza parent, teacher and school administrator engagement platform that utilizes artificial intelligence to optimize education outcomes and staff performance management. Our platform is delivered as a web application, a mobile application and a WhatsApp chatbot.
We currently have 15 schools on our platform and are growing at a rate of 2 schools per week. We expect this growth to accelerate once schools open in January 2021.
The market education technology (EdTech) is in flux and expected to grow at a compound annual growth rate of 18.1% from 2020 to 2027.
Our focus is on the private K-12 education market. There are currently 78,405 Primary and Secondary schools in Kenya. As we gain traction in Kenya, we intend to expand to neighboring East African countries.
Problem or Opportunity
We have noted the following problems in the education market:
1. Difficulty in tracking student performance
2. No way to track CBC compliance
3. Costly and inefficient distribution of information
4. Tedious & time consuming ways of data management
5. Oversight is a strenous activity
6. Challenge in providing timely access to information
Solution (product or service)
Parents, teachers and school administrators use our system to
1. Increasing parent engagement
2. Improving operating efficiency
3. Improving education outcomes
4. Access to education finance
5. Recruiting quality educators
6. Performance management
Our main competitors are:
3. Google classrooms
4. Microsoft teams
Our key differentiators are that our product:
1. Solves key pain points
2. Is a customized solution
3. We integrated with local government and financial services
4. Our proprietary AI analytics engine
Our current revenue streams are customers that use the platform. We have a simple and transparent billing of $1 per student per month.
We currently sell directly to our customers. Our direct sales strategy involves our internal sales team making sales visits for demonstrations. Our current conversion rate is at 40%.
Money will be spent on
Product development and business development. We would like to expand our development team to allow us to implement new features that are on our product roadmap. We would also like to expand our business development teams and adopt a territory management system.
Offer for investor
We are offering 30% of the company for $2 million USD.