Edukoya, an online learning platform, has secured the largest pre-seed round of any educational technology startup in Africa, at $3.5 million. The company which was launched in beta plans to go live in 2022 with the new funds, as well as expand its team, increase customer base and build out the technology for the learning platform.
The $3.5 million was led by global venture capital firm, Target Global with 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.
Founded by Honey Ogundeyi, Edukoya empowers learners and their parents to take control of their learning and makes it easier for them to access high-quality learning material and expert help. The platform has a range of valuable features targeted at Nigerian secondary school learners including 24/7 exam preparation and homework tutor help, a data driven question bank with step-by-step solutions, and personalised performance tracking systems.
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“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,” Honey Ogundeyi, CEO of Edukoya said.
Data from the World Bank showed that households in Africa spend 20-25 percent of their annual GDP per capita on education. With eyes on reducing the cost of quality education on the continent, Edukoya plans to offer a free, supplementary learning platform, as well as subscription packages with premium features, focused on K-12 learning and exam preparation. The learning experience is delivered through a 100 percent online model which promotes self-learning and allows learners to save time, save money and get smarter.
“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,” said Lina Chong, Investment Director at Target Global.
In focusing on the Nigerian learning environment, Edukoya will accelerate its product and technology as well as expand its online curriculum content coverage and on-demand tutoring feature for secondary school learners. The company has offices in the United Kingdom and Nigeria.
