Edukoya, the African edtech platform that raised $3.5 million in seed funding in 2021, has shut down, citing unfavorable market conditions and infrastructure limitations.
In a letter to stakeholders, founder Honey Ogundeyi, a former Google Nigeria head, stated that while Edukoya’s vision was ambitious, the economic and technological conditions necessary for scalability were not yet in place.
“After exploring partnerships, M&A, and business model pivots without viable solutions, we’ve chosen to wind down operations and return capital to investors rather than deplete resources chasing scale in a challenging market,” the letter read.
The closure highlights a broader decline in K-12 edtech startups and a growing pivot toward adult learning and upskilling platforms.
The Shift Away from K-12 Edtech
Edtech funding peaked during COVID-19 but has since collapsed.
- In 2020, global edtech funding hit $14.7 billion across 831 deals.
- In 2021, it surged to $20.3 billion across 1,050 deals—its all-time high.
- But by 2023, edtech’s share of venture capital funding dropped to just 1.4%, forcing startups to pivot or shut down.
Africa’s edtech sector has mirrored this trend.
- Ulesson cut subscription fees by 50% in 2024, struggling to retain users.
- Foondamate, Orca, and Lingawa had to reorganize their business models to survive.
- Orca was acquired by Baim, while Lingawa pivoted to language learning and raised $1.1 million in 2024.
Why K-12 Edtech Is Struggling
Physical classrooms remain dominant. The pandemic led many to believe that digital learning would replace traditional schooling. Instead, students returned to physical classrooms, and online learning adoption slowed.
The shift to professional upskilling. Working professionals are increasingly enrolling in skill-based learning programs like:
- AltSchool (tech skills)
- Miva University (career-focused online degrees)
The future of African edtech lies in adult learning, where demand for courses in data analysis, coding, and project management continues to grow.
Edukoya’s Traction Was Not Enough
Despite shutting down, Edukoya reported significant user engagement:
✅ 80,000+ students used the platform.
✅ 15 million+ questions answered on the platform.
However, strong user engagement did not translate into sustainable revenue—a common challenge for K-12 edtech startups.
Final Thoughts: The Future of Edtech in Africa
Investors must rethink traditional K-12 edtech models.
Edtech startups must pivot toward professional upskilling.
Hybrid learning models (physical + digital) may be the future.
Edukoya’s shutdown signals the end of an era for K-12-focused edtech in Africa—but also the beginning of a new wave of skill-driven learning platforms.