Following three years of operation, Nigerian edtech startup Edukoya has ceased its activities, citing challenges related to infrastructure and economic conditions that hindered its scalability. Despite securing Africa’s largest pre-seed funding of $3.5 million in 2021, the startup opted to return capital to investors rather than continue in what it deemed an unsustainable market setting.
Edukoya encountered obstacles such as limited internet access, high device costs, and decreasing disposable incomes, which impeded its target audience’s ability to afford digital educational services. Initially aimed at transforming digital learning for K-12 students, the startup achieved significant milestones by engaging over 80,000 students, administering millions of practice questions, and facilitating thousands of live tutoring sessions.
After exploring various strategic options, including partnerships, mergers, and business model adjustments, Edukoya determined that there was no feasible path forward. The decision to close operations was made to ensure the optimal outcome for all stakeholders, allowing investors to reallocate resources, enabling the team to transition gracefully, and maintaining the integrity of its vision.
The shutdown of Edukoya sheds light on the broader challenges faced by Africa’s edtech sector, where startups grapple with balancing innovation against infrastructure limitations and financial accessibility. While the digital learning landscape holds promise, achieving widespread adoption remains a significant hurdle.
Edukoya expressed appreciation for its team, parents, students, and investors, acknowledging the end of its journey while suggesting that the lessons learned could pave the way for future advancements in African edtech once the market conditions are conducive.