Africa-focused online learning platform, Edukoya has announced the closure of a $3.5 million funding round.
The funding round was led by led by Target Global. Other investors that participated in the round include angel investors like CEO and co-founder of Paystack, Shola Akinlade; Founders of Kuda, Babs Ogundeyi and Musty Mustapha; Founders of Stash, Brandon Krieg and Ed Robinson; and CEO of Aux Money, Raffael Johnen among others.
The funding round would enable Edukoya, which is currently operating in beta, to transition from beta to live launch in 2022. It will also help in the expansion of the team, the growth of its user base and the building out the technology for the platform. This includes support for its Pan African and European developer hubs.
Speaking on the funding, Investment Director at Target Global, Lina Chong said the VC is delighted to lead this investment and partner with the impressive team of education technology pioneers at Edukoya.
“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,” she said.
Largest edtech pre-seed round in Africa
Edukoya was launched in December 2021 by Honey Ogundeyi who also serves as its CEO. Its mission is to build the world’s largest online learning platform for Africans by making high-quality learning materials and support more accessible and affordable.
It hopes to achieve this by connecting African students with the digital curriculum content and on-demand teachers for real-time online learning. The startup has offices in the United Kingdom and in Nigeria.
According to the startup, its app was the 2nd most downloaded education app in Nigeria in its launch week. The $3.5 million funding represents the largest pre-seed round for an African EdTech platform to date,
The funding is also expected to help accelerate its product and technology as well as expand its online curriculum content coverage and on-demand tutoring feature for secondary school learners.
Reinventing how African students learn
Edukoya is an education technology company that wants to reinvent how African students learn in the age of mobile devices. The startup combines a data-enabled question bank, world-class teachers, innovative technology and data science to deliver personalized learning across grades.
According to the startup, its plan is to create a pan-African platform that empowers parents, students and teachers to take control of their learning. It wants to make 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 & Homework tutor help, a data-driven question bank with step by step solutions and personalised performance tracking systems.
High-quality education is expensive and out of reach for millions of African learners. According to data from the World Bank, African households spend 20-25 per cent of their annual GDP per capita on education.
As such, Edukoya offers a free, supplementary learning platform, as well as subscription packages with premium features that are focused on K-12 learning and exam preparation. The learning experience is delivered through a 100 per cent online model which promotes self-learning and allows learners to save time, save money and get smarter.
Speaking about the startup’s operations, Founder and CEO, Honey Ogundeyi said the 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