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iFunza

Blockchain powered education payment solution

Kenya
Market: Information and media, Education, training, Blockchain, Crypto currency, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 01.11.2020
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Idea

iFunza provides is a system that connects teachers, parents, students and school administrators. We leverage blockchain to create a reward system and for data integrity. We also leverage artificial intelligence for predicting student outcomes.

Current Status

We currently have 15 schools and are growing at a rate of 2 new schools every week. We expect this number to increase once schools reopen in January 2021.

Market

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.
We target students, parents, teachers and school administrators. There are 78,405 Primary and Secondary schools in Kenya. The number of customers who can actually buy our solution is the 16,594 private schools. We exclude Government schools which would require a funding partner to deliver the services. Our next goal is expand from Kenya into the rest of the East African market.

Problem or Opportunity

The problems we see faced by educational institutions that we can solve are:
1. Difficulty in tracking student performance
2. No way to track compliance with the CBC curriculum
3. Costly and inefficient distribution of information
4. Tedious & time consuming ways data management
5. Strenuous oversight
6. Challenge in providing timely access to information

Solution (product or service)

The following are the solutions offered by the iFunza platform:
1. Increasing parent engagement
2. Improving operating efficiency
3. Improving education outcomes
4. Access to education finance
5. Recruiting quality educators
6. Performance management

Competitors

The following are the competitors to our platform.
1. Mzizi
2. Kytabu
3. Google classroom
4. Microsoft teams

Advantages or differentiators

Our advantages are:
1. Network effects
2. Holistic solution
3. Advanced technology

Customers would prefer our product because:
1. Solves key pain points
2. Customization
3. Local integrations

Finance

The customers would buy one annual license per education instution. The annual revenue per customer is $6,500. Total market size in Kenya is $107,861,000.

Business model

We charge an annual licensing fee. Our sales model is direct sales through field sales agents. Our sales conversion rate is currently at 40%.

Money will be spent on

The money will be spent on product development through adding features that are currently on our technology roadmap. The funds will also be spent on business development.

Offer for investor

We are offering 30% equity in exchange for $2 million.

Team or Management

Risks

The risks currently are behavior of our competitors and the ability to attract and retain high quality talent.

Incubation/Acceleration programs accomplishment

We received an invitation to an acceleration program (TechBridge). However we declined.

Won the competition and other awards

We are in the second round of the global Seedstars competion

Invention/Patent

In the process of filing a patent for our artificial intelligence system of predicting education outcomes.

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video