Home Investments MENA H1 2022 venture-capital activity rises 46% to $1.8bn: MAGNiTT

MENA H1 2022 venture-capital activity rises 46% to $1.8bn: MAGNiTT

by Ozva Admin

CAIRO: Technology has opened up new perspectives for the education sector by optimizing the ability to learn inside and outside the classroom.

Educational technology has supported teaching facilities using online learning and smart applications in various academic and non-academic settings.

According to market research firm Valuates Reports, the global e-learning market revenue in 2021 was approximately $15 billion, with the market expected to grow at a CAGR of 6.5 percent from 2021 to 2028.

Arab News has compiled a list of the 10 most funded edtech startups in the Middle East and North Africa region.

1. Abwaab

Total Funding: $27.5 million

Founders: Hamdi Tabbaa, Sabri Hakim and Hussein Al-Sarabi

Investors: BECO Capital, 4DX Ventures, GSV Ventures and Water Partners

Funding Rounds: Four

Headquarters: Jordan

Founded in 2019, Abwaab offers online content tailored to the local curricula of high school students, thus filling the educational resource gap.

Through the platform, students can participate in lessons, gain access to feedback, and join discussion forums to address the region’s high reliance on offline tutoring.

In its latest funding round, Abwaab raised $20 million in a series A funding round to expand its services to Egypt and Pakistan.

2. Midday Academy

Total funding: $21 million

Founders: Mohammed Al-Dhalaan and Aziz Al-Saeed

Investors: STV, Al-Turki Holding and NFX Ventures

Financing rounds: two

Headquarters: Saudi Arabia

Noon Academy is a student-centric social learning platform that offers free, live, interactive tutoring with “gamified” features.

Established in 2013, the company incorporates social and “gamification” features to make learning more enjoyable and collaborative for students.

With a presence in Saudi Arabia, Egypt, India and Pakistan, the company managed to raise $13 million in a pre-series B funding round led by STV in 2020.

3. Mentor

Total Funding: $14.5 million

Founders: Ihab Fikry, Ibrahim Kamel, Hesham Heikal, Husni Khuffash and Abdelrhman Fahmy

Investors: Partech, Sawari Ventures, Egypt Ventures and Sango Capital

Funding rounds: five

Headquarters: United Arab Emirates

Al-Mentor, one of the leading video learning platforms in the region, offers online content for Arabic speakers with a wide range of courses developed by distinguished experts.

Founded in 2016, the company has delivered more than 2 million learning experiences with more than 80 business associations in the Middle East and North Africa region.

In 2021, Al-Mentor raised $6.5 million in a series B funding round led by Partech with the goal of maintaining its position as an industry leader.

Orcas links parents and students with nearby tutors or online courses. (Supplied)

4. killer whales

Total Funding: $3.5 million

Founders: Hossam Taher, Amira El-Gharib, Omar Fayez and Ahmed Ismail

Investors: NFX Ventures, Launch Africa and Access Bridge Ventures

Funding rounds: five

Headquarters: Egypt

Established in 2013, Orcas is a mobile app that connects parents and students with nearby tutors or online courses.

Based in Cairo, the company offers K-12 students live tutoring sessions online and in person.

In January 2022, Orcas raised $2.1 million in a pre-series A funding round to expand geographically.

5. Ostaz

Total Funding: $2.8 million

Founders: Audrey Nakad, Zeina Sultani and Sibylle Nakad

Investors: Hub71, Inspired Education and Phoenician Funds

Funding rounds: five

Headquarters: Lebanon

Founded in 2017, Ostaz connects students with qualified private tutors to help them set learning goals on their academic journey.

UK-based Inspired Education Group acquired the company in 2021 as it had enrolled over 43,000 students and logged over 65,000 tutoring hours.

6. Al Gooru

Total Funding: $2.6 million

Founders: Khalid Abou Kassem

Investors: Oqal, Raz Holding Group, 100 Ventures, Ray Investment and RZM Investment

Financing rounds: two

Headquarters: Saudi Arabia

Al-Gooru, another player in the online tutoring space, is a platform for students to connect with their desired private teachers.

Founded in 2021, the company raised $1.8 million in a seed funding round to expand its reach in the education sector in Saudi Arabia.

7. Baims

Total Funding: $2.2 million

Founders: Yousef Al-Husaini and Bader Al-Rasheed

Investors: Rasameel Investment Co. and AlWazzan Education

Financing round: One

Headquarters: Kuwait

Established in 2017, Baims is an online platform that offers personalized courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan.

The company raised $2.2 million in a pre-Series A funding round in 2022 to grow its content library and strengthen its presence in existing markets.

8. Al-Academy

Total Funding: $2 million

Founder: Ahmed Ashour

Investors: Entlaqa and Goldmines

Financing round: One

Headquarters: Egypt

Al-Academia is a distance learning platform that focuses on professional development in short courses from industry experts.

The company launched in 2020 after raising $2 million in investments to support the huge digital transformation brought about by COVID-19.

9. Anaab

Total Funding: $1.5 million

Founders: Mounira Jamjoom and Naila Al-Khalawi

Investors: Nour Nouf and Wamda Capital

Financing rounds: one

Headquarters: Saudi Arabia

Founded in 2016, the Aanaab platform facilitates the ongoing professional and personal development of Arab teachers through distance learning solutions, giving them the opportunity to acquire Cambridge credentials.

The company secured its first financing in 2020 with an investment of $1.5 million to strengthen its presence in Saudi Arabia and the United Arab Emirates and explore business-to-business opportunities.

10. Zedny

Total Funding: $1.2 million

Founders: Mohamed Youssef El-Baz and Basil Khattab

Investors: Undisclosed

Financing round: One

Headquarters: Egypt

Established in 2020, Zedny is an Arabic learning platform for people who are interested in developing their business skills, gaining general knowledge, and seeking employment.

The company launched after a $1.2 million pre-seed funding round and has since offered more than 200 online courses on its platform.

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