Nigerian edtech startup Edukoya has officially shut down, citing market readiness challenges that hindered its ability to scale its synchronous learning model. In a statement to stakeholders, the company pointed to persistent issues such as connectivity limitations, lack of access to digital devices, and unfavorable macroeconomic conditions as key reasons for its closure.
Thank you for reading this post, don't forget to subscribe!Founded by Honey Ogundeyi, Edukoya gained prominence in 2021 after securing Africa’s largest pre-seed funding of $3.5 million, led by Target Global. The startup aimed to transform education in Africa by offering a digital platform that connected students with on-demand tutors and interactive learning content. Despite achieving significant milestones—including over 80,000 students using its platform, more than 15 million answered questions, and thousands of daily live classes—the company struggled to achieve sustainable growth in a market it described as not fully prepared for its model.
In response to these challenges, Edukoya made the decision to wind down its operations rather than continue depleting resources in an unpredictable environment. The company has also proposed returning funds to investors, a move seen as a responsible step to uphold investor trust. An investor commended founder Honey Ogundeyi for her transparency, stating that recognizing market constraints and prioritizing financial prudence reflects strong leadership.
Edukoya’s closure highlights the difficulties faced by edtech startups in Africa, where digital infrastructure and economic barriers continue to pose significant hurdles. However, the sector remains promising, with projections estimating a $57 billion market value by 2030 as internet connectivity and technological adoption improve.
While Edukoya’s journey has come to an end, its experience serves as a critical lesson for future edtech innovators looking to navigate the complex realities of Africa’s evolving digital education landscape.
