In a surprising turn of events, Quizac, the edtech startup which we recently reported to be shutting down, has been given a second chance. The second chance came in the form of an acquisition by Tekedia Capital – in a deal that was completed in less than a week.
We previously reported that Quizac, which was founded in 2019, is known for its unconventional approach to learning. The startup offers gamified educational content for African students, and has attracted about 13,000 learners. The startup faced monetization challenges, leading to its planned shutdown.
The acquiring firm, Tekedia Capital, is an investment firm. It is known for backing startups like OurPass and Mecho Autotech. The acquisition allows Tekedia to add Quizac’s gamification technology into its educational platform, including the popular Tekedia Mini MBA.
“We will bake Quizac technology into the core engine of Tekedia, offering learners immersive experience so that the pursuit of entrepreneurial capitalism and the mastering of fixing market frictions within the pillars of people, process, and tools powered by knowledge, capital, and risk taking will be gamified,” Tekedia said.
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Although, financial details around the acquisition remains unclear, it seems to give Quizac a hope for survival. Following that acquisition, the startup’s founders, including Tade Samson, will exit the company. However, the existing team will stay on to ensure a smooth transition.
“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 fulfil 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,” Samson said.