Noon Academy, Saudi-based online education startup announced the largest-ever funding for EdTech startup on June 27.
The funding of $8.6 million will serve a series of live classes called Series A. Raed Ventures, and Saudi Technology Ventures will be leading the series, and the most considerable funding announced in the MENA (the Middle East and North Africa).
The startup also attracted different investors. Besides Saudi-based Alisamiah Investment, Abdulla Elyas, Co-founder of Careem, Mazen Aljubair and others have entered the support group of Noon Academy.
When did Saudi’s online education evolve?
Noon Academy was founded in 2013 by Mohammed Aldhalaan and Dr. Abdulaziz AlSaeed. Originally, the platform was meant to be a small test website, but it grew to become one of the most popular online education platforms in MENA. It became a social platform, a social learning platform that helps students to get ready for exams on their own or with friends.
The learners can visit online platform alone or with groups. They can conduct competitive classes and exams, and also request private teaching from online tutors.
Founders of the online academy are fighting to make education better and more engaging. They say that the more significant issue of studying is boredom. Mohammed Aldhalaan, CEO of Noon Academy, stated that their platform would fight against the boredom, and their social learning features will achieve something that no online education platform was able to do before.
While the fight against boredom continues, company founders state that the funding of $8.6 will be used in rebuilding and developing their online education platform. The money will serve the popularization of Tech education and global expansion of Noon Academy.
With the pace that the EdTech industry has, we can see the predictions of EdTechXGlobal’s report becoming true. The report states that by the end of 2020, the EdTech market will reach $252 billion.