5 EdTech Startups According to the Funds Raised in 2021-2022
Diverse solutions are being deployed by tech startups in Africa to address difficulties in every sector of society. The emergence of edtech startups that offer creative solutions to address educational difficulties, for example, has resulted in significant changes in education.
Edtech startups are springing up in Nigeria and receiving international attention due to a large amount of funding they have drawn in recent years.
While they may not have received as much funding as fintechs, the following are the top five edtechs startups in Nigeria that have raised large amounts of money to boost their valuation.
African billionaires without Formal Education
1. Edves – US$575,000
Edves is a company that makes school management software which automates everything from student registration to graduation. The startup was founded in 2016.
The company’s portal allows school administrators to track student performance and set reminders for school fee defaulters.
The portal also helps educators generate annual reports for students and parents to track student performance, allowing teachers, administrators, and parents to reduce school paperwork and streamline school processes.
The startup obtained a seed funding round of US$575,000 in September 2021 to help it improve its product and bring additional schools online.
Edves co-founder Dimeji Falana announced last month that the company is looking for $2.5 million in Pre-Series A funding to “finance our source of growth and expand.”
2. AltSchool – $1 million
AltSchool began as a subsidiary of TalentQL, a tech talent outsourcing firm, in October 2021. The company aspires to end poverty in Africa by democratising access to technology training for anyone on the continent.
The establishment does not charge tuition and assists students in finding employment when they have completed their studies.
To scale its operations, the company obtained $1 million in pre-seed capital in February 2022.
The money will be used to expand AltSchool’s content and curriculum, as well as its technology infrastructure and community idea, which allows students to meet offline to network and study together.
3. Teesas – $1.6 million
Teesas, which was developed by Osayi Izedonmwen, the owner of Imose Technologies, provides learners in Nigeria with video classes and other digital instructional materials.
The company’s content follows Nigeria’s national curriculum and is available in both live and recorded formats, with a monthly subscription starting at $6. In addition to ordinary academics, the company offers local language courses.
Teesas closed a $1.6 million pre-seed round financing in December 2021 to address the educational divide through technology.
Haresh Aswani, Tolaram Group’s Africa managing director, led the round, which included Olivegreen Advisory Partners, a venture studio focused on Africa, and other angel investors.
4. Edukoya – $3.5 million
Edukoya intends to empower students and their parents by making it easier for them to obtain high-quality learning materials and expert assistance.
Honey Ogundeyi, the former CEO of Google Nigeria, created the company in May 2021 and put it into beta in December of the same year.
Edukoya raised $3.5 million in a pre-seed round led by Target Global in December of last year, marking the company’s first significant funding.
Angel investors including Shola Akinlade, co-founder and CEO of Paystack, Babs Ogundeyi and Musty Mustapha, co-founders of Kuda, Brandon Krieg and Ed Robinson, co-founders of Stash, and Raffael Johnen, CEO of Aux Money—among others—participated in the round.
5. ULesson – $25.6 million
Sim Shagaya, a Nigerian serial entrepreneur, established ULesson in 2019. The business offers educational services to assist students in learning educational material.
The company’s services combine mobile platforms, secure digital (SD) cards, a culture-specific curriculum, and a network of tutors to provide practice tests and tailored content in the areas of math, physics, chemistry, and biology, allowing students to learn and prepare for exams as well as respond to syllabi.
ULesson is Nigeria’s most well-funded educational technology company. The company has raised $15 million in three rounds of fundraising, the most recent of which was in December of last year.
The company previously raised $7.5 million in January 2021. ULesson had closed a $3.1 million seed round less than a year after it was founded.
The company has secured $25.6 million to expand its edtech services in Nigeria.
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