Nigerian Edtech Platform, Edukoya, raises $3.5M Pre-seed fund
Nigerian Edtech platform, Edukoya, an Africa-focused online learning platform, has raised $3.5m in a pre-seed round led by Target Global.
The investment round also saw participation from angel investors including European and African founders such as Shola Akinlade – CEO and co-founder of Paystack (acquired by Stripe), Babs Ogundeyi and Musty Mustapha – founders of Kuda, Brandon Krieg and Ed Robinson – founders of Fintech Stash and Raffael Johnen – CEO of Aux Money among others.
Edukoya was launched this month by Honey Ogundeyi as an online education platform intended to provide a faster way to learn. The company’s platform provides practice papers, expert step-by-step explanations, detailed performance analysis reports, and online tutor support, enabling students to learn from anywhere.
Edukoya is currently operating in beta, with a focus on Nigeria. In its launch week, Edukoya was the 2nd most downloaded education app in Nigeria.
The platform has a range of valuable features targeted at Nigerian secondary school learners including 24/7 Exam Preparation & Homework tutor help, a data driven question bank with step by step solutions and personalised performance tracking systems.
Speaking about the new funding, Honey Ogundeyi, Founder and CEO of Edukayo recounted the startup’s vision while also highlighting the importance of the startup to African students.
“Our vision at Edukoya is to redefine online education for the next generation of Africans.
“Africa has the fastest-growing school-age population globally, with over 260M students and counting. Our goal is to democratize access and make high quality instruction and content accessible and affordable to every student, regardless of where he or she lives on the continent,” said Ogundeyi.
Lina Chong, Investment Director at Target Global, said, “We are delighted to lead this investment and partner with Honey and her impressive team of education technology pioneers.
“Edukoya’s mission to provide better quality to millions of African Students, combined with the team’s ability to execute on this ambition, left an immediate impression on myself and the whole team at Target Global. Their business has the potential to unlock learner potential and improve lives across generations”.
The latest funding will enable the startup’s transition from beta to live launch in 2022, as well as expand its team, grow its user base and enhance the technology for growth.