Saudi's Noon Academy raises $8.6 million in largest-ever investment round for an EdTech startup in MENA
Summary
The round was also joined by Saudi-based Alisamiah Investment, Saudi Venture Capital Company (SVC), and different individual investors including Careem co-founder Abdulla Elyas, Dr. Abdulrahman Aljadhai, CEO of Elm, and Mazen Aljubair. Raed Ventures’ Omar Almajdouie, STV’s Hani Enaya and Careem co-founder Abdulla Elyas (who invested in his individual capacity) will join Noon Academy’s Board of Directors. Founded in 2013 by Mohammed Aldhalaan and Dr. Abdulaziz AlSaeed, Noon Academy that had initially as a simple test prep website is now a social learning platform that enables students to study with friends in groups, compete with one another, and request top tutors on demand. Omar Almajdouie, Founding Partner of Raed Ventures, said, “We see incredible promise in this industry, and in Noon Academy in particular, and look forward to seeing how Mohammed and Abdulaziz will continue to build this exciting company. We’re very excited about this sector, and the vision of Mohammed and Abdulaziz in creating Noon academy, which combines technology with great teachers to make studying easier and more efficient for millions of students across the Middle East.” The statement citing a report by EdTechXGlobal also noted that the global EdTech market will reach $252 billion by 2020.