Nigerian edtech startup Edukoya has officially shut down, citing market readiness, connectivity challenges, and economic constraints as key reasons for its closure. The company, which raised Africa’s largest pre-seed funding of $3.5 million in 2021, struggled to scale its synchronous learning model due to limited device access, low disposable income, and macroeconomic conditions that hindered adoption.
“Rather than deplete resources chasing scale in a challenging market, we decided to take a responsible approach,” the company stated, confirming that it will return capital to investors.
Edukoya’s Mission and Impact
Launched in 2021, Edukoya aimed to redefine K-12 learning in Africa, offering digital education content and online tutoring. Over 80,000 students used the platform, answering 15 million+ questions and participating in thousands of daily live classes.
Founder Honey Ogundeyi drew inspiration from her own educational experiences, noting:
“Even the most brilliant students can be let down by the system.”
Despite exploring partnerships, M&A, and business model pivots, Edukoya ultimately decided to shut down instead of burning through funds.
No Fintech Pivot, Just a Separate Initiative
Reports of layoffs and a fintech shift sparked speculation, but Edukoya clarified that Koya App—a financial literacy platform for kids—was a separate project, not a pivot.
The Bigger Picture: Edtech in Africa
Edukoya’s closure highlights the challenges of scaling digital education in Africa. While Africa’s edtech market is projected to hit $400 million in 2024, barriers like internet connectivity and infrastructure remain key hurdles.
Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, emphasized:
“Inclusion is the cornerstone of edtech. If we fail to reach all learners, we fail to fulfil our potential to revolutionize education.”
Despite its shutdown, Edukoya’s impact underscores the promise and challenges of edtech in Africa.
