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Nigerian edtech startup Edukoya shuts down 4 years after raising $3.5 million

Summary by Nairametrics

Nigerian edtech startup Edukoya has officially shut down its operations, the company confirmed in a statement to stakeholders seen by Nairametrics. The post Nigerian edtech startup Edukoya shuts down 4 years after raising $3.5 million appeared first on Nairametrics.

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techloy.com

Money can't buy happiness. But it can buy a learning experience

Ok so, we know that 90% of startups fail, and 10% of startups fail within the first year, right? Even after receiving a huge amount of funding, there are still no guarantees.That’s what happened to Edukoya. After snagging $3.5 million in seed funding back in 2021 (yeah, that's really massive for a seed round) – the 'edtech startup for kids' has called it quits.But why? Well, it's a whole bunch of things. First off, Nigeria's economy is tough. Yo…

3 days ago

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Brand Spur

Edukoya Shuts Down After 3 Years Of Receiving Africa's Highest Pre-seed Fundraiser - Brand Spur

Edukoya, a Nigerian education technology firm, has shut down after three years of operation, claiming that insufficient infrastructure and financial difficulties prevented it from growing. However, the firm, which in 2021 received $3.5 million, Africa’s highest pre-seed fundraising, stated that it will return investors’ money instead of continuing in what it called an unsustainable market climate. Edukoya claimed in a statement accessed by Brand…

5 days ago

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The Podium Media

Nigerian edtech startup Edukoya shuts down 4 years after raising $3.5 million - Thepodiummedia

Nigerian edtech startup Edukoya has officially shut down its operations, the company confirmed in a statement to stakeholders seen by Nairametrics. This comes four years after the startup raised $3.5 million in 2021, in what became Africa’s largest pre-seed funding. The startup cited market readiness, connectivity issues, and limited access to devices as major hurdles. Additionally, the lack of disposable income and unfavorable macroeconomic con…

5 days ago

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Tekedia

Nigerian Edtech Startup Edukoya Shuts Down, Cites Market Challenges

Edukoya, a Nigerian education technology company, has reportedly shut down, confirming the decision in a statement to stakeholders. The company which was on a mission to reinvent how African students learn in the age of mobile devices, cited several challenges, which include market readiness, poor connectivity, limited device access, low disposable income, and broader macroeconomic […] The post Nigerian Edtech Startup Edukoya Shuts Down, Cites M…

5 days ago

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Nairametrics

Nigerian edtech startup Edukoya shuts down 4 years after raising $3.5 million

6 days ago

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technext24.com

Nigerian edtech Edukoya Shuts Down after 3 years, to Return Investment

Nigerian edtech startup, Edukoya, has officially shut down its operations. This is according to a statement provided to stakeholders by the startup. According to the statement, “Edukoya encountered significant market readiness challenges in scaling our synchronous learning model.” The startup cited persistent challenges, connectivity limitations, limited access to devices, and broader macroeconomic headwinds as some reasons for its closure. The …

6 days ago

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