London-based Edukoya announces $3.5M pre-seed led by Target Global

Edukoya, a London-based Africa-focused online learning platform, has raised $3.5 million in a pre-seed round led by Berlin-based Target Global with strategic participation from angel investors including European and African founders such as 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. 

Launched in December 2021, Edukoya is currently operating in beta with a focus on Nigeria, Africa’s most populous country. The new funds will enable the transition from beta to live launch in 2022, as well as expansion of the team, the learner base and the building out the technology for Edukoya’s learning platform, including support for its Pan African and European developer hubs. 

Headquartered in London, 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 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 personalised performance tracking systems. 

Africa’s rapidly growing middle class place a premium on education. According to data from the World Bank, African households spend 20-25 percent of their annual GDP per capita on education. 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. 

Speaking about the new funding, Honey Ogundeyi, Founder and CEO of Edukayo 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”

Lina Chong, Investment Director at 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”.

Over the coming months, Edukoya will broaden its product offerings to focus on content development by adding more subjects to its exam preparation categories and increasing its coverage of learning content for grades 6-12 in Nigeria, with plans to expand across the continent in the near future. 

About Edukoya

Edukoya is an education technology company that connects African students with the digital curriculum content and on-demand teachers for real-time online learning. Reinventing how African students learn in the age of mobile devices, Edukoya combines a data-enabled question bank, world-class teachers, innovative technology and data science to deliver personalized learning across grades. 

Launched in beta in December 2021, Edukoya envisions a pan-African classroom that empowers parents, students and teachers by democratising access to high quality education and igniting a passion for lifelong learning. Its mission is to build the world’s largest online learning platform for Africans by making high quality learning materials and support more accessible and affordable.

It has offices in the United Kingdom and Nigeria. 

About Target Global

Target Global is an international investment firm headquartered in Berlin, with over 1.5 billion euros in capital commitments and co-investments. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. 

Target Global invests across multiple stages, investing in fast-growing tech companies, targeting € trillion markets. 

Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. 

The Target Global portfolio includes companies such as Auto1,Cazoo, Delivery Hero, Kuda, Rapyd, TravelPerk, WeFox, and Zego.