Global: Tekedia Capital Acquires Edtech Startup Quizac Shortly After Announced Shutdown

In an unexpected development, Quizac, an edtech startup that had recently announced its impending shutdown, has been acquired by the investment syndicate Tekedia Capital. Both Tekedia Capital and Quizac have chosen not to disclose the financial details of the acquisition.

The acquisition process moved rapidly, with Tade Samson, one of Quizac’s founders, noting that the deal was finalized in less than a week.

Quizac, founded in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, specialized in creating gamified learning content tailored for African students, leveraging a network of contributors. By 2021, the startup had expanded its offerings to include corporate training solutions aimed at enhancing employee learning and development.

Despite achieving nearly 13,000 sign-ups, Quizac faced challenges in monetization. Although the company identified corporate users as a more profitable market segment, it ultimately decided to shut down operations.

Tekedia Capital, a sector-agnostic investment syndicate known for backing startups like OurPass, Mecho Autotech, and Vetifly, saw an opportunity to integrate Quizac’s gamified learning technology into its own platform. Tekedia Capital also operates several educational initiatives, including the Tekedia Mini MBA, which will now benefit from Quizac’s innovative approach to learning.

In a statement, Tekedia Capital expressed its vision for the acquisition: “We will embed Quizac’s technology into the core of Tekedia, offering our learners an immersive experience. This integration will enhance our mission of promoting entrepreneurial capitalism and mastering market solutions within the pillars of people, process, and tools, all powered by knowledge, capital, and risk-taking, now in a gamified format.”

Following the acquisition, Quizac’s founders will exit the company, though the existing team will remain to assist with the transition.

Reflecting on the acquisition, Tade Samson shared with Techpoint Africa, “They say all good things must come to an end, but for Quizac, this is more of a new beginning. I am pleased to announce that Tekedia Capital has acquired Quizac. With this acquisition, I am confident that Quizac will not only continue to fulfill its mission but also expand into broader markets, helping to transform learning beyond Africa. Quizac will be seamlessly integrated into the Tekedia Capital ecosystem, gaining access to Tekedia’s extensive data assets and resources.”

The acquisition marks a significant shift for Quizac, positioning it to continue its mission under the umbrella of Tekedia Capital, with the potential to reach and impact a global audience.