It is the largest-ever round raised by an edu-tech startup from the Middle East and North Africa.
Riyadh-based online learning platform Noon Academy secured a whopping $8.6 million in Series A funding. This round represents the company’s first institutional capital raise, and the largest capital raise in the Middle East’s Edu-tech industry. The company will use the funding to continue building its engineering and product teams, increase growth in its existing markets and launch into new markets.
The round was co-led by Raed Ventures and Saudi Technology Ventures (STV) with participation from institutional investors Alisamiah Investment and Saudi Venture Capital Company (SVC). The funding round follows a series of angel investments that included Careem co-founder Abdulla Elyas, Abdulrahman Aljadhai, CEO of Elm, and Mazen Al Jubair.
Founded in 2013 by Mohammed Al Dhalaan and Abdulaziz AlSaeed, the unique platform offers tutoring and free educational content through a freemium revenue model that allows all users free access to basic content, and charges users for access to private tutors and more advanced content. Throughout its creation, Noon Academy has transformed into a fully functional social learning platforms that allows students to study with friends in groups, compete with one another, and request top tutors on demand. The app has attracted 2 million students, and 1,500 certified tutors to date.
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