Nigerian edtech startup Edukoya has officially ceased operations, the company confirmed in a statement to stakeholders. This comes four years after it secured $3.5 million in pre-seed funding in 2021, marking Africa’s largest pre-seed round at the time.
Edukoya cited market readiness, poor connectivity, and limited access to devices as major obstacles to its growth. The company also pointed to low disposable income and unfavorable macroeconomic conditions, which hindered mass-market adoption.
Edukoya acknowledged difficulties in expanding its synchronous learning model, despite efforts to secure a merger or acquisition deal. In its statement, the company admitted it was ahead of its time, deciding to shut down rather than continue struggling in an unfavorable market.
“In many ways, Edukoya was too early for its time—the infrastructure and economic conditions needed to support our vision at scale simply aren’t yet in place across our target markets,” the company stated.
After exploring partnerships, business model pivots, and M&A options without success, the startup opted to return capital to investors rather than exhaust resources in an uphill battle. “This strategic shutdown—though counterintuitive in ‘persist at all costs’ startup culture—creates better outcomes for everyone,” the statement added.
Founded in 2021 by Honey Ogundeyi, Edukoya sought to revolutionize online K-12 education in Africa by providing digital learning content and online tutoring. Ogundeyi, inspired by her own experiences in Nigeria’s education system, was motivated to address longstanding challenges in the sector.
“Even the most brilliant students can be let down by the system,” she said in a 2021 interview, reflecting on the stark contrast between Nigeria’s education system and that of the West. Her own children’s struggles with certain subjects reinforced her determination to find a solution, leading to the birth of Edukoya.
Despite its closure, Edukoya made notable strides in online education. The platform impacted over 80,000 students, answered more than 15 million questions and facilitated thousands of daily live classes. The startup also integrated artificial intelligence into its product to enhance learning experiences.
While Edukoya’s journey has ended, its mission highlighted the persistent gaps in Africa’s education system and the challenges startups face in navigating the region’s economic and technological landscape.
