Edukoya, an e-learning platform, gets $3.5 million in what is being dubbed Africa largest edtech pre-seed round
Edukoya, an e-learning platform, gets $3.5 million in what is being dubbed 'Africa's largest edtech pre-seed round'
Education startup Edukoya has announced the successful conclusion of a $3.5 million financing round. Edukoya is an online learning platform focused on Africa.
The financing round was led by Target Global. Additionally, Shola Akinlade, the CEO and co-founder of Paystack, Babs Ogundeyi and Musty Mustapha, co-founders of Kuda, Brandon Krieg and Ed Robinson, founders of Stash, and Raffael Johnen, CEO of Aux Money, participated in the round as well as other angel investors.
Edukoya will be able to transition from beta to live launch in 2022 as a result of the investment round. Additionally, it will aid in the expansion of the team, the growth of users, and the development of platform technology. As part of this, it will provide support with the establishment of its Pan African and European developer centers, as well.
"We are delighted to be leading this investment and to be joining Edukoya's amazing team of education technology pioneers," said Lina Chong, Investment Director at Target Global.
"It was Edukoya's desire to improve the quality of education for millions of African kids, along with the team's ability to carry out that mission, that made an immediate impression on me and my colleagues on the Target Global team. Their firm has the potential to maximize student potential while also improving the lives of future generations, according to them "She went on to say.
Africa's largest edtech pre-seed round
Edukoya was formed in December 2021 by Honey Ogundeyi, who also serves as the company's chief executive officer. Its goal is to develop the world's largest online learning platform for Africans by expanding access to and affordability of high-quality learning materials and support services for the continent's population.
To accomplish this, it intends to connect African students to digital curriculum content and on-demand instructors to facilitate online learning sessions in real time.. The company is currently based in the United Kingdom and Nigeria, with offices in both countries.
Its app was the second most downloaded education app in Nigeria during its first week of operation, according to the company's statistics. It is the largest pre-seed round ever raised by an African EdTech platform, with a total investment of $3.5 million.
Additionally, the funds will be used to accelerate the company's product and technology development, as well as the extension of its online curriculum material coverage and the availability of on-demand tutoring services for secondary school students.
Inventing new ways how African students learn
With mobile devices becoming more prevalent in today's world, Edukoya is a technology company dedicated to reinventing how African students study. A data-driven question bank, world-class teachers, cutting-edge technology, and data science are all used by the company to give personalised learning across grades and subject areas.
The claimed purpose of the firm is to develop a pan-African platform that will enable parents, students, and instructors to take charge of their children's education and make informed decisions. It wants to make it easier for them to get access to high-quality educational materials and professional assistance.
Designed specifically for Nigerian secondary school students, the website includes a range of beneficial features such as 24/7 Exam Preparation and Homework tutor assistance, a data-driven question library with step-by-step solutions, and personalised performance tracking.
Exorbitant-quality education is out of reach for millions of African students due to the high cost of attendance. According to World Bank data, African households spend between 20 percent and 25 percent of their yearly GDP per capita on educational expenses.
Thus, Edukoya provides additional learning platforms that are both free and paid in nature, with premium features focused at K-12 education and exam preparation as its primary focus. The learning experience is conducted fully online, which encourages self-learning and allows students to save time and money while also becoming wiser.
As Honey Ogundeyi, the company's founder and CEO, explained during a discussion of the company's operations, Edukoya's vision is to "reimagine online education for the future generation of Africans."
