Noon Academy has raised $13 million in its second round of funding. The platform also indicated that they had increased their number of users by three million since the pandemic started.
Usage of education technology (EduTech) has spiked in 2020, after the global spread of coronavirus that resulted in school shutdowns. The shutdowns forced students to look for alternatives forms of learning, and online learning became the preferred go-to solution for many students and schools. EduTech firms have also seen growth in the number of people using their services.
Noon Academy growth
Noon Academy, a Saudi EduTech platform has also seen significant growth in the number of users. Since the pandemic began, and schools were shut down, the platform indicated that it had registered more than 3 million new users, doubling its total number of users.
It has also been on a campaign to raise money, and on their first seed capital, which they termed as Pre-A funding, they were able to raise $8.6million. The Edutech’s second seed capital campaign, Pre-B funding, however, exceeded their goals of $5 million, and they ended up raising $13 million.
This was a clear indication that investors had confidence in the direction the company was moving. In Pre-B funding, the largest funders STV, the same venture capital that invested in Dubai’s ride-hailing firm Careem Inc, that was sold to uber last year.
Expansion plans
Noon Academy indicated that it was working on ensuring that the platform gained global recognition. They also indicated that their goal was reaching 50 million users by 2023.
The company, which has bases in Egypt, Saudi Arabia, India, and Pakistan, also said that it was looking to expand to other markets, with the UK being on top of their list. They indicated that soon they would be opening new offices in London, which would better help serve users in the region.
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