Tekedia Capital acquires troubled Nigerian edtech startup Quizac

STARTUP VENTURE CAPITALAugust 23, 2024 at 1:08 PM UTC

TLDR

Edtech startup Quizac acquired by investment syndicate Tekedia Capital in a swift undisclosed deal.
Founded in 2019, Quizac provided gamified learning content for African students and expanded to serve corporate clients by 2021.
Despite challenges in monetization, Quizac identified corporate users as a lucrative segment before its closure.

Quizac, an edtech startup initially set to shut down this month, has been acquired by the investment syndicate Tekedia Capital. Both parties have declined to disclose the financial details of the acquisition, which was completed in under a week.

Founded in 2019, Quizac developed gamified learning content for African students through a network of contributors. By 2021, the startup had expanded its offerings to corporate organizations, aiming to enhance employee learning.

Despite attracting nearly 13,000 learners, Quizac struggled with monetization. While the company eventually identified corporate users as a more profitable customer segment, it ultimately decided to shut down before the acquisition.

Key Takeaways

Tekedia Capital, a sector-agnostic investment syndicate with a diverse portfolio that includes startups like OurPass, Mecho Autotech, and Vetifly, has acquired Quizac, an edtech startup. Tekedia Capital is also known for running several training programs, including the Tekedia Mini MBA. The acquisition will allow Tekedia to integrate Quizac’s gamified learning approach into its educational platform. While the founders of Quizac will exit the business following the acquisition, the existing team will remain to assist with the transition. This strategic move aligns with Tekedia's mission to enhance its educational offerings and provide innovative learning solutions.

Startups

Quizac

Tekedia Capital

Acqusition

Startup Exit

Edtech

Education

Nigeria