Online learning platform Edukoya raises US$3.5m pre-seed funding for its transition plan

NIGERIA – Edukoya, an online learning platform, has raised US$3.5 million in a pre-seed funding round led by Target Global, which it will use to transition from beta to live launch and build its team and customer base.

The round was led by Target Global and saw strategic participation from angel investors including European and African founders such as Paystack’s Shola Akinlade, Kuda’s Babs Ogundeyi and Musty Mustapha, Fintech Stash’s Brandon Krieg and Ed Robinson, and Aux Money’s Raffael Johnen, among others.

The funding will enable the transition from beta to live launch in 2022, as well as expansion of the team, the growth of its user base and the building out the technology for Edukoya’s learning platform, including support for its Pan African and European developer hubs.

“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 260 million students and counting,” said Honey Ogundeyi, founder and CEO of Edukayo.

“Our goal is to democratise access and make high quality instruction and content accessible and affordable to every student, regardless of where he or she lives on the continent.”

Lina Chong, investment director at Target Global, said she was delighted to lead the investment and partner with Ogundeyi and her team.

“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,” she said.

“Their business has the potential to unlock learner potential and improve lives across generations’.”

Launched in beta this month, Edukoya connects African students with the digital curriculum content and on-demand teachers for real-time online learning. In its launch week, Edukoya was the second most downloaded education app in Nigeria.

The platform combines a data-enabled question bank, world-class teachers, innovative technology and data science to deliver personalised learning across grades.

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 percent of their annual GDP per capita on education.

Edukoya offers 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.

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