We are co-leading a SAR32.2 million ($8.6 million) investment round in Noon Academy -- The leading EdTech Platform in the MENA Region. Our latest portfolio company gives millions of students access to social collaborative learning and on-demand tutoring.
There is a massive opportunity for the growth of the Educational Technology (EdTech) sector in MENA. Governments in the region spend significant portions of their annual budgets on public education, meanwhile spending on private education continues to grow as well. Globally, EdTech funding reached $16.3bn in 2018, according to market research firm Metaari,
Noon Academy is capitalizing on this trend, offering students on-demand tutoring, group study, and opportunities to participate in live competitions around their curriculum. The platform offers teachers the tools they need to take the classroom experience online, removing friction and increasing student engagement so educators can focus on what they do best: teaching.
When we first met Noon Academy's founders, it was immediately apparent how mission-driven and passionate about EdTech they are. They have been working in the space since 2011 and Noon Academy is their second EdTech company.
Mohammad and Abdulaziz are intensely focused on two goals: making learning more interesting and engaging, and giving more students access to this type of education. Using thousands of data-driven experiments, Noon Academy learned that the problem with education is not comprehension, but boredom. The unique Noon Academy platform can keep a student engaged for more than 55 minutes a day. This level of student engagement far exceeds the industry average of 14 minutes per day for most educational apps. The founders' second goal of increasing access to education is being achieved at an exciting pace; To date, Noon Academy has served more than 2 million students and 1500 certified tutors across Saudi Arabia and Egypt and is continuing to grow rapidly.
Noon Academy was founded in 2013 by Mohammed Aldhalaan and Dr. Abdulaziz (Aziz) AlSaeed. Mohammed, as CEO, has a background in Computer Science and comprehensive experience in strategy formulation and management. Abdulaziz, as COO, has a background in Computer Science and a Ph.D. in Cloud Computing Security and is a teacher himself being an Assistant Professor of Computer Sciences.
Raed Ventures was a co-lead investor in this fundraiser. Alisamiah Investment and a number of prominent angel investors joined this round.