Nigerian edtech startup Edukoya has shut down after three years, citing market challenges, poor internet connectivity, and low adoption rates. Despite raising $3.5 million in pre-seed funding and serving 80,000 students, the company chose to return investor capital rather than struggle in a difficult market.
Nigerian edtech startup Edukoya has shut down after three years in operation, citing challenges in market readiness, poor internet connectivity, and low mass adoption. Despite raising $3.5 million in pre-seed funding in 2021, the company struggled to scale its online learning model in Nigeria’s difficult economic and technological landscape.
The company’s founder and CEO, Honey Ogundeyi, announced the decision in a statement to stakeholders. Edukoya noted that widespread connectivity issues, limited access to devices, and a lack of disposable income among Nigerian families made growth unsustainable. Rather than continue burning funds in an uncertain market, the company decided to return capital to investors.
Launched in 2021, Edukoya aimed to transform K-12 education in Africa by offering digital learning content and online tutoring. Ogundeyi, who studied in the UK, was motivated by the struggles she saw in Nigeria’s education system. Despite making progress—with over 80,000 students on its platform, 15 million questions answered, and thousands of live classes conducted—the company could not achieve long-term scalability.
Reports suggest that Edukoya explored partnerships, mergers, and acquisitions before making the final decision. While some speculated a pivot to fintech, the company denied such claims, clarifying that its Koya App, a financial literacy tool for kids, was a separate initiative.
The closure of Edukoya reflects the broader struggles of Africa’s edtech sector, where scaling remains a challenge despite rising demand. However, experts believe improvements in internet access and infrastructure could reshape the industry’s future.
