Tekedia Capital, an investment syndicate, has announced the acquisition of the pioneering gaming-anchored African EdTech startup, Quizac.
However, the financial details of the acquisition were not disclosed.
Quizac, founded in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, specializes in generating engaging, gamified educational content for African students through a collaborative network of content providers. In 2021, the startup expanded its services to cater to corporate clients, aiming to enhance employee training and development. Although the organization successfully attracted nearly 13,000 students, it struggled to generate revenue. Eventually, the platform realized that corporate clients were a more profitable market segment. Despite this revelation, the decision was made to halt operations, which led to the acquisition by Tekedia Capital.
Expressing its vision for the integration, Tekedia Capital said in a statement:
We plan to embed Quizac’s technology into the foundational framework of Tekedia, providing our learners with an engaging and interactive experience. Our goal is to gamify the journey of entrepreneurial capitalism and the mastery of market friction resolution, all within the context of the essential elements of people, processes, and tools underpinned by knowledge, capital, and the willingness to take risks.
Tekedia Capital supports various startups, including OurPass, Mecho Autotech, and Vetifly. It also offers educational programmes such as the Tekedia Mini MBA. The acquisition of Quizac presents an opportunity for Tekedia Capital to incorporate gamified learning into its educational offerings.
Following the acquisition, Quizac’s founders will depart, but the existing team will remain to assist with the transition period.
Speaking on the deal, Samson said:
They say all good things must end, but for Quizac, this marks a fresh chapter. I am excited to announce that Tekedia Capital has acquired Quizac. With this new development, Quizac will continue its original mission and reach new heights, potentially revolutionizing the educational landscape beyond the African continent. As part of the Tekedia Capital ecosystem, Quizac will benefit from access to a wealth of data resources and assets.
Tekedia Capital offers a speciality investment vehicle which makes it possible for people and institutions in any location worldwide to co-invest in innovative startups and young companies in Africa. Capital from these investing entities are pooled together and then invested in companies. It focuses on companies with primary operations in Africa, even though they may be legally domiciled anywhere. The firm invests mainly in technology-anchored companies and is sector-agnostic, which means those companies could be operating in any industry, including finance, real estate, education, health, logistics, etc.
