- Nigerian startups, especially the tech ecosystem, are attracting massive funding to scale up growth and expansion
- A two-month-old education-focused startup, Teesas has raised record amount of N664 million in quest for growth and expansion in Africa
- The investment was led by Haresh Vaswani which said they believe in the vision and direction of Teesas' team
Nigerian Edtech-backed startup, Teesas has raised N664 million in just two months of its operation in Nigeria.
The investment was led by Haresh Aswani, Tolaram Group’s African Managing Director in conjunction with Olivegreen Advisory Partners, an Africa-focused venture studio and other angel investors.
Teesas wants to use the funds to expand into new markets, launch a marketplace that connects students with tutors for private coaching classes and enlarge its product offerings.
What Teesas offers
Founded by Osayi Izedonmwen owner of Imose Technologies, Teesas offers video classes and other digital education materials for students in Nigeria.
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Also, its contents are in tune with Nigeria’s national school curriculum and is given to students in both live and pre-recorded versions, with a monthly subscription beginning at N2, 500. It also offers local language courses as well as regular schoolwork.
The company also plans to provide life-skills classes in the first half of next year to help students prepare for self-discovery. This is in addition to anti-bullying courses, which were prompted by reports of rising cases of bullying in Nigeria, some of which resulted in death.
Teesas has over 150,000 downloads on Google Play since its launch, and a weekly growth rate of at least 20 per cent.
What they are saying
Haresh Aswani, said:
“We believe in the mission Izedonmwen and the Teesas team has set forth on, and we are confident that they are best suited to crack the challenge of using technology to enhance access to quality education across Africa.”
Also, Legit.ng has reported that Flutterwave, Jumia and Interswitch are Africa’s biggest startups valued at $1 billion each, all domiciled in Nigeria.
The other is Fawry in Egypt, also a $1 billion company. Nigeria has witnessed a wave of startup explosions this decade, mostly in the fintech space which is attracting massive funding from venture capitalists who are pumping millions of dollars into the ecosystem in the country.
A wave of optimism swirls around the ecosystem in the country with many tech entrepreneurs driving digital inclusion.