Mulliez family-backed fund bets on South African school chain

 Mulliez family-backed fund bets on South African school chain

A multi-stage investment fund backed by the Mulliez family of France has led a Series C round of funding for South African education group SPARK Schools.

The investment round was led by Creadev along with Finnish development finance institution Finnfund and existing SPARK shareholder Imaginable Futures.

The quantum of investment was not disclosed.

Imaginable Futures, a global philanthropic investment firm, is a spin-off from Omidyar Network and backs companies across Asia, Africa and Latin America that drive innovation in learning.

For Creadev, this is the second deal in 2021. Last month, it had backed Kebai Sciences, a China-based agri-tech company providing Internet of Things and cloud-based precision farming solutions.

The evergreen investment fund is backed by the Mulliez family, one of the wealthiest families in France and which is behind a string of companies including retail chain Auchan and Decathlon.

SPARK Schools was started in 2012. Through a combination of teacher-led instruction, online learning and a rotational classroom set-up, it has grown to become the third-largest network of private K-12 schools in South Africa, operating 18 institutions and serving over 10,500 families.

Previously, it had raised US$9 million from Omidyar Network and existing backer Pearson Affordable Learning Fund in 2016. Two year prior to that it had scooped up US$2.7 million from Pearson’s fund.

The new funding will be used for consolidating SPARK’s existing network and expanding primary and secondary schools across Africa to reach more than 35,000 students in the next 10 years.

Vivek Sinha

Leave a Reply

Your email address will not be published.

error: Content is protected !!
The Capital Quest