Nigerian EdTech Startup Edukoya Ceases Operations After Four Years
Nigerian educational technology startup Edukoya has officially announced the cessation of its operations, as confirmed in a statement issued to stakeholders and reported by Nairametrics. The decision comes four years after the company raised $3.5 million in 2021, marking one of Africa’s most substantial pre-seed funding rounds.
Edukoya attributed its shutdown to various challenges, including market preparedness, connectivity issues, and limited access to devices. Additionally, low disposable incomes and unfavorable macroeconomic conditions hindered widespread market adoption.
The company faced significant hurdles when attempting to scale its synchronous learning model. In their statement, Edukoya revealed that their efforts to explore potential mergers and acquisitions had also proven unsuccessful. Ultimately, the company concluded that its innovative approach was ahead of its time and opted to wind down operations, focusing on returning capital to investors.
“In many respects, Edukoya was a visionary endeavor that came too early for the current landscape the necessary infrastructure and economic conditions to support our vision at scale simply aren’t adequately developed in our target markets,” the statement read. “After exploring various partnerships, M&A, and potential business model shifts without finding viable alternatives, we decided it was best to cease operations. This allows our investors to redeploy their capital, our team to transition with respect, and safeguards the integrity of our vision rather than compromise in pursuit of survival,” it further explained.
Founded in 2021 by Honey Ogundeyi, Edukoya aimed to transform online K-12 education in Africa by providing digital learning resources and online tutoring for students and parents. Ogundeyi’s motivation stemmed from her own experiences with Nigeria’s education system. Having studied in the UK, she observed stark differences between the educational frameworks in Nigeria and the West. In a past interview, she highlighted the potential pitfalls of the system, stating, “Even the most talented students can be let down by the system.”
Her commitment to addressing educational shortcomings was propelled further by her children’s struggles in school. “Witnessing the persistent issues over the decades prompted me to seek after-school tutoring. It became evident to me that despite advancements in various sectors, Africa’s education system has largely remained stagnant,” she noted.
Although Edukoya’s journey has come to an end, the startup achieved notable milestones in its mission to redefine online education. According to their communication with stakeholders, the platform reached over 80,000 students, answered more than 15 million queries, and hosted numerous live classes daily. They also integrated artificial intelligence into their offerings to enhance the overall learning experience.
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