PayStack CEO and Co-Founder Shola Akinlade, Target Global and a group of other investors have invested $3.5 million in the Edukoya ed-tech startup founded by Nigerian entrepreneur Honey Ogundeyi in a pre-seed funding round.
Ogundeyi, the founder of Edukoya, a Lagos- and London-based ed-tech startup, and the Nigerian e-commerce platform, Fashpa.com, made the announcement in a social media post, stating that the capital represents the largest pre-seed round in its category in Nigeria and Sub-Saharan Africa.
The funding round — led by European angel investor Target Global and other investors like Akinlade and Kuda founders Babs Ogundeyi and Musty Mustapha — will enable Edukoya to transition from beta to live-launch in 2022.
Edukoya plans to use the capital raised to expand its team and learner base.
The startup is expected to build out the technology for its learning platform, including support for its pan-African and European developer hubs.
The decision aligns with the startup’s commitment to democratize education by empowering learners with access to high-quality digital curriculum content and on-demand teachers for real-time online learning across the continent.
Ogundeyi explained that plans are in motion to make Edukoya the number-one learning platform in Africa for parents, students and teachers.
The $3.5-million pre-seed round raised by Edukoya comes six days after the Sim Shagaya-led uLesson, a leading African ed-tech startup, secured $15 million in a Series-B funding round led by the Chinese multinational tech conglomerate, Tencent, and four other institutional investors.
uLesson disclosed that the capital commitment will open up new opportunities, as the ed-tech startup invests in product development to strengthen its core technology and add cohort-based learning features.