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EdVentures and the Academy of Scientific Research & Technology (ASRT) have made equity investments in 3 Egypt-based EdTech Startups. OBM Education, Super Fny, and Crafty Workshop acquired funds to expedite their growth as part of the EdVentures 3 months acceleration program.
Launched in 2017, EdVentures is positioned as a pioneering EdTech-focused corporate venture capital in the Middle East. EdVentures invests in EdTech startups in the pre-seed and seed stage serving the sectors of education, culture, and innovative learning solutions. The company has previously invested in 9 startups and is planning on expanding its portfolio in the MENA region, The new investments add a trio of startups focusing on building soft skills, creating educational and job opportunities, as well as creating tailored educational content of alternative knowledge seekers in MENA.
It’s investors like EdVentures, Y Combinator, Flat6Labs, 500 Startups, Falak Startups, KAUST Innovation Fund, Shorooq Partners, and many others that have been able to sustain an Early-Stage deal flow in Egypt despite an overall investor interest in later-stage deals and their preferred participation in larger round sizes across MENA. While MENA-based startups observed a 10% drop in Early-Stage (<$500K) deal share, Early-Stage deals in Egypt observed a 10% growth in 2021 YoY. This attribute could be unique to the Egyptian VC ecosystem as startups emerge with promising ventures and Tech innovations catering to underserved markets in this densely populated country, where due to the accessibility of material and affordability of talent could significantly increase return on investment.
The three startups have received an equity-based investment and will have a better opportunity to connect with education experts in the EdTech sphere, take need-based training and intense mentorship opportunities. The first investment, OBM Education, is an Egyptian educational startup that provides services and guided content to pre-university students through various training programs and events. Their online solution, Taleb, supports students’ needs from different aspects related to parallel education and career choice through unlimited features and add-ons within their mobile app. Co-Founder Omar ElBarbary highlighted, “We endeavor to have a new experience with EdVentures and to expand not only in Egypt but in the Middle East as well. Besides developing our current solutions, we’d like to focus on our new tech product (Taleb), to act as a one-stop platform for students. With this investment, we want to supplement and support our access to all pre-university students segments with more services provided to fit their needs”.
On the other hand, Super Fny, provides professional training in areas such as technical, vocational, safety, soft skills, and entrepreneurship. They also provide employment opportunities and activities for changing the social image: such as events, lectures, etc. As explained by Ahmed Anower, CEO & Founder of Super Fny, “The company is currently planning to convert its services online and launch a platform in Egypt to provide technical training and job opportunities; in addition to designing curricula in various professions through VR technology”.
The third startup, Crafty Workshop, presents online courses and resources for all creative makers on all levels of craft-oriented topics. They also offer business-oriented courses such as product development, photography, pricing, marketing, branding, and financials; to help the craft owner develop a source of income. As noted by Hadeer Shalaby, Co-Founder of Crafty Workshop, “We are pleased to have received support and funding from EdVentures, with their accumulated experience in the field of education and extensive business connections; we will be able to develop our platform and further grow and expand our services.”
Throughout the past four years, the successful partnership between EdVentures and INTILAC has resulted in the support of more than 60 startups that are recognized among the largest and most impactful startups in Egypt. President of the ASRT, Prof. Mahmoud Sakr highlighted, "the academy is considered the largest supporter for startups in Egypt through INTILAC; which is one of ASRT various programs aiming at supporting business leadership and providing financial and technical services for emerging companies.” Dalia Ibrahim, Founder & CEO of EdVentures concluded, “EdVentures is very proud to continue supporting startups in the Edtech field. This time we extend our investment to cover vocational education and handicrafts learning through Super Fny and Crafty Workshop. We also believe in OBM’s team and the importance of their impact on high school students.”
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