Edukoya Raises $3.5m Pre-Seed Round

Edukoya said it 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 platform combines a data-enabled question bank, world-class teachers, innovative technology and data science to deliver personalized learning across grades.

The startup was the second most downloaded education app in Nigeria in its first week of launch, and it is now targeting growth after securing US$3.5 million in pre-seed funding.

According to Edukoya, the round was led by Target Global, while also seeing 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.

Honey Ogundeyi, Founder and CEO of Edukayo said: “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. 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: “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.”