In a dramatic twist of fate, Quizac, an edtech startup that was on the brink of shutting its doors, has found a lifeline in the form of Tekedia Capital. The investment syndicate, well known for its support of innovative startups in various sectors, has surprisingly taken control of Quizac.
The acquisition comes just a week after Quizac announced its plans to cease operations due to ongoing challenges in monetizing its platform. Established in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, the platform provided gamified learning content for African students and corporate clients on the cloud to make education more accessible and attractive in the continent. But even though the startup has gathered lots of users, it still had problems sustaining its operations as it was not able to bring in enough money to keep it going.
Tekedia Capital, however, saw the potential in Quizac’s innovative approach and how it would fit into the company’s existing portfolio. The investment syndicate is convinced that the startup’s gamification tech will help strengthen its education products, especially its Tekedia Mini MBA.
Quizac’s founders, who will soon exit the business after the acquisition, have however expressed their excitement about the partnership. “Tekedia Capital will provide Quizac the assets and the support they need to realize their full capacity,” declared executive director Tade Samson, one of Quizac’s co-founders. “We trust that and are eagerly awaiting the future of Quizac with Tekedia Capital’s leadership.”
Tekedia Capital’s recent strategic acquisition of Quizac is the latest in a series of startup rescue operations in the tech sector in Nigeria.
In the last days of May, Nigerian digital bank startup Brass was almost out of business when they were bought by a group of companies led by fintech giant Paystack. This acquisition was meant to help Brass become more liquidity-positive and thus realize its vision of the future. This came a year after Payday, a fintech company experiencing some difficulties, was sold to a local fintech company, Bitmama.
