Riyadh-based EdTech startup Noon Academy announced earlier this week that it raised $8.6 million in a rather successful Series A round co-led by Saudi Technology Ventures (STV) and Raed Ventures. Other investors to have participated in the round include Saudi Venture Capital Company, Alisamiah Investment, and Careem co-founder Abdulla Elyas, among others.
The startup also confirmed that Abdulla Elyas, STV’s Hai Enaya, and Raed Ventures’ Omar Almajdouie are joining its Board of Directors.
Interestingly, this happens to be the biggest funding ever raised by a MENA-based EdTech startup.
Noon Academy was launched by co-founders Mohammed Aldhalaan and Dr. Abdulaziz AlSaeed in 2013. In its early days, the company just provided a simple online platform for helping students with their exam preparations.
Over the past few years, Noon Academy has evolved into a comprehensive social learning platform that enables students to learn better by studying with friends in groups and competing with one another. Besides that, the platform also provides tutors on demand.
The company also claims that on average, students using its online resources spend more than 60 minutes using the Noon Academy app during each visit. That’s more than 400% higher than the industry average of just about 14 minutes per visit.
Per its internal data, Noon Academy has so far attracted more than 1,500 certified tutors in addition to over two million students.
Commenting on the potential of Noon Academy in the regional EdTech sector, Abdulrahman Tarabzouni, CEO of STV, said: With around 6 million students in Saudi Arabia alone, and far more across the wider region, providing better access to education and study opportunities has never been more important. 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.”
