Top 5 edTech startups judging by funds raised in 2021/2022

Globally, technology has become the engine of all sectors of the economy. From financial services to agriculture, transportation and even education, technology is revolutionizing businesses in all spheres of life.

Today, tech startups are deploying different solutions to address challenges in each of these sectors. Education, for example, is undergoing dramatic changes with the emergence of companies deploying innovative solutions to address educational challenges.

Now known as edtechs, many of these companies are springing up in Nigeria and gaining global attention thanks to the number of investments they have attracted in recent years.

While these companies may not have gotten as much as fintechs, here are the top five edtechs in Nigeria that have raised significant funds to bolster their valuation:

Edves – US$575,000

Edves is a developer of school management software designed to automate school processes, from student enrollment to graduation. Founded in 2016, the company’s portal allows school owners to track tuition defaulters and set reminders, educators to generate annual student reports, and parents to track student performance, enabling teachers, administrators and parents to reduce paperwork in schools and streamline the school. process.

In September 2021, the company raised seed funding of US$575,000 to help it improve its product and bring more schools online. Last month, Edves co-founder ‘Dimeji Falana revealed that the company was now seeking $2.5 million in pre-Series A, “to fund our source of growth and expand”.

Alternative School – $1 million

AltSchool was founded in October 2021 as a sub-institution of TalentQL, a technology talent outsourcing company. The company hopes to eradicate poverty by democratizing access to technical training for almost everyone in Africa. The institution does not charge tuition fees and after training, helps students find internships.

In February 2022, the company raised $1 million in pre-seed funding to scale up its efforts. AltSchool says the fund would be used to advance investments to grow its content and curriculum, technology infrastructure, and community concept that allows students to meet offline to network and learn together.

Teesas – $1.6 million

Teesas, which was founded by Osayi Izedonmwen, owner of Imose Technologies, offers video courses and other digital educational materials for learners in Nigeria. Teesas content is aligned with the Nigeria National Curriculum and is offered to learners in both live and recorded versions, with a monthly subscription starting at $6. The company also offers local language lessons in addition to regular school work.

In December 2021, Teesas closed a $1.6 million pre-seed investment to bridge the education gap through technology. The round was led by Haresh Aswani, Managing Director Africa of Tolaram Group, with participation from Olivegreen Advisory Partners, an Africa-focused venture capital studio, and other angel investors.

Edukoya – $3.5 million

Edukoya says it wants to empower learners and their parents to take control of their learning and make it easier for them to access high-quality learning materials and expert help. The startup was founded in May 2021 but launched in beta in December of the same year by former Google Nigeria boss Honey Ogundeyi.

Edukoya secured its first major funding in December last year by raising $3.5 million in a pre-seed round led by Target Global. Angel investors like Paystack co-founder/CEO Shola Akinlade, Kuda co-founders Babs Ogundeyi and Musty Mustapha, Stash co-founders Brandon Krieg and Ed Robinson, and Aux Money CEO Raffael Johnen—among others.

ULesson – $25.6 million

ULesson was founded by Nigerian Serial Founder Sim Shagaya in 2019. The company provides educational services to guide students in learning educational content. The company’s services integrate mobile platforms, secure digital (SD) cards, culture-specific curriculum and a network of tutors to provide practice tests and personalized content around math, physics, chemistry and biology, allowing students to learn and prepare for their exams and respond to syllabuses.

ULesson is to date the most capitalized edtech in Nigeria. The company has sealed three funding rounds, the latest being the $15 million Series B funding it secured in December last year.

Prior to that, the company raised $7.5 million in January 2021. Less than a year after its inception, ULesson closed a $3.1 million seed round. So far, the company has raised a total of $25.6 million to bolster its edtech services in Nigeria.

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