$3.5 M Target Global led pre-seed funding raised by Nigerian ed-tech startup Edukoya
Edukoya, a Nigerian online learning platform, has secured $3.5 million in a pre-seed round led by Target Global, which it will use to move from beta to live launch and expand its workforce and client base.
Edukoya, which went live in beta earlier this month, connects African students to digital curriculum content and on-demand professors for real-time online learning. To offer customised learning across grades, the platform combines a data-enabled question bank, world-class teachers, new technology, and data science.
Edukoya was the second most downloaded education app in Nigeria during its first week, and it is now looking to expand after collecting US $3.5 million in pre-seed capital. Target Global is leading the round, which also includes strategic participation from angel investors such as Shola Akinlade of Paystack, Babs Ogundeyi and Musty Mustapha of Kuda, Brandon Krieg and Ed Robinson of Fintech Stash, and Raffael Johnen of Aux Money, among others.
The money will allow Edukoya to go from beta to live launch in 2022, as well as expand its team, boost its user base, and build up the technology for its learning platform, which will include support for its Pan African and European development hubs.
Lina Chong, Target Global’s investment director, expressed her joy at being in charge of the investment and working with Ogundeyi and her team.
“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,” said Honey Ogundeyi, founder and CEO of Edukayo.
“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.
