This recent investment takes Noon Academy’s total funding up to $21 million.
Saudi edtech startup Noon Academy has secured $13 million in a pre-Series B round led by Riyadh-based venture capital firm Saudi Technology Ventures (STV), who had also been part of the startup’s $8.6 million Series A. This now brings Noon Academy’s total funding so far to $21 million.
Edtech has proven one of the most resilient industries in the face of the coronavirus crisis. According to CNBC, what was already a lucrative $107 billion market in 2015, the industry is now looking to triple by 2025 to be worth $350 billion globally. Noon Academy claims their user base has tripled during the pandemic.
“With this investment, we’re aiming to bring together 50 million students and tutors from around the world by 2023,” says Mohammed Aldhalaan, Noon Academy’s co-founder and CEO. “This is particularly relevant as students will continue to study from home for the foreseeable future.”
Ahmed Alshammari, Investment Principal at STV commented on the investment saying: “The next generation of edtech companies are taking a student-centric approach. Noon Academy is one of the companies spearheading the efforts toward direct-to-student learning. We are proud to work with a team that is enhancing and reimagining the learning experience.”
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