uLesson founder and CEO is set to launch The Honey Badger Fund. Sim Shagaya, the founder and CEO of uLesson, has announced his intention to launch “The Honey Badger Fund” (HBF), a fund aimed at supporting African entrepreneurs in developing technology-powered projects.
uLesson CEO to Launch The Honey Badger Fund
The Honey Badger Fund (HBF), created by Sim Shagaya, the founder and CEO of uLesson, aims to invest in African companies making a positive impact on the continent. Shagaya, known for his previous ventures like Konga and uLesson, plans to provide more than just financial support through HBF.
The initiative comes after Shagaya’s successful launch of uLesson in 2019 and Miva, an open university, in 2023. Shagaya’s entrepreneurial journey began in 2005, and he has founded various companies, some of which were acquired or did not succeed.
Shagaya’s Story Before uLesson
Before uLesson and Miva, Shagaya founded Konga, an eCommerce platform, in 2012, where he served as CEO until 2016. During his tenure, Konga raised significant funding, totaling $127 million. Shagaya left Konga to start uLesson, offering educational content for K-12 students accessible via mobile phones.
uLesson received funding of $3.1 million in seed funding from TLCom in 2019 and closed a $7.5 million Series A round led by Owl Ventures in 2021. The platform has raised a total of $25.6 million in funding over four rounds.
uLesson Reduced Its Educational Software Subscription Fees By 50% In February 2024
In February 2024, uLesson reduced its educational software subscription fees by 50% to mitigate the economic impact on families due to inflation. Miva Open University, licensed for open distance education in May 2023, offers undergraduate courses in various fields.
Shagaya’s Announcement of the Honey Badger Fund
Shagaya’s announcement of the Honey Badger Fund on social media sparked curiosity about its operations and objectives. He expressed his eagerness to leverage his experience to help exceptional African entrepreneurs build successful businesses.
How the Fund Will Operate
Details on how the fund will operate are yet to be disclosed. Shagaya invited potential collaborators to join the initiative, indicating that the fund would provide support through the Honey Badger Fund platform.
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