Edukoya, an EdTech startup that builds online education content and offers online tutoring for students and their parents, has raised $3.5 million in a pre-seed round led by Berlin-based Target Global.
The round was also backed by angel investors including Shola Akinlade – CEO and co-founder of Paystack (acquired by Stripe), Babs Ogundeyi and Musty Mustapha – founders of Kuda, Brandon Krieg and Ed Robinson – founders of Fintech Stash, and Raffael Johnen – CEO of Aux Money among others.
The London-headquartered startup plans to use the fresh funds to enable the transition from beta to live launch in 2022, as well as expansion of the team and the learner base. It also plans to build out the technology for its learning platform, including support for its Pan African and European developer hubs.
Launched in December 2021 by Honey Ogundeyi, Edukoya empowers learners and their parents to take control of their learning and makes it easier for them to access high-quality learning material and expert help. The platform is currently operating in beta with a focus on Nigeria, Africa’s most populous country.
Edukoya has a range of valuable features targeted at secondary school learners including, 24/7 Exam Preparation & Homework tutor help, a data-driven question bank with step-by-step solutions, and personalized performance tracking systems.
Speaking about the company, Honey Ogundeyi, Founder & CEO of Edukoya, 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 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.”
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.
In the few months that the platform has been in beta with a handful of users, Edukoya claims that 96 percent of students using its platform received higher marks during recent tests than when they didn’t use Edukoya.
Commenting on the funding, Lina Chong, Investment Director, Target Global, said,
“We are delighted to lead this investment and partner with Honey and her impressive team of education technology pioneers. 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.”
Edukoya said that it provides step-by-step solutions to “solve tough problems on past examination papers,” and students can connect experienced tutors to them whenever they are stuck.