Mohammed bin Rashid Innovation Fund announces financial support for Arabic edutainment startup

MAGNiTT News 2 years ago - Tue, Jul 3, 2018, 5:47 AM

Mohammed bin Rashid Innovation Fund announces financial support for Arabic edutainment startup
Author: MAGNiTT

By Startup MGZN

 

SOURCE: Startup MGZN - Mohammed bin Rashid Innovation Fund announces financial support for Arabic edutainment startup


The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB) explores funding in innovative businesses in the fields of renewable energy, transportation, education, health, water, technology and space. EDB today announced its financial support for Lamsa brand and platform for children. The first of its kind in the region, Lamsa delivers diverse interactive content focused on education and entertainment for children, overseen by Finnish experts in the fields of early childhood education.

The app’s wide range of content, tailored for children aged up to 12 years old, provides creative and engaging Arabic language material. With this funding, Lamsa World will expand its research and development activities, bringing advanced technologies and new characters to the region’s education.

The current fund will enable Lamsa to further collaborate with accredited education and child development experts globally and across the MENA region to continuously develop its proprietary EdTech framework that is adapted to Arabic language development needs.

“We’re excited to announce our partnership with Lamsa as they accelerate the adoption of e-learning and original digital content in the region. The Mohammed Bin Rashid Innovation Fund recognizes the innovation at the heart of Lamsa’s product and their commitment to solving local challenges. As MBRIF’s portfolio grows, we continue to identify and engage with entrepreneurs who are pushing the limits of innovation to bring unique ideas and solutions to life,” said Haytham Kamhiyah, Chief Executive Officer, Emirates Development Bank.

Available across Android and iOS platforms, Lamsa World has become increasingly popular with children and parents throughout the region over recent years. In 2017 alone, the app received over four million downloads, with total cumulative downloads now exceeding 12 million.

Founder and CEO of Lamsa World, Badr Ward, said: “There is a notable need for higher quality across the board when it comes to the Arabic language. Lamsa is successfully confronting this linguistic deficit by providing high-quality Arabic language content for children throughout the Middle East. With a team of 22 experts across a range of fields — from early childhood development and education to graphic design and augmented reality technologies — we are delivering a cutting-edge product that has a track record in these regional challenges.”

Ward added: “With our roots in the UAE, we are playing a role in contributing towards the key sectors as outlined in the National Innovation Strategy, bringing the latest and most advanced mobile technologies to children’s education. As such, we are proud to have received the generous support of the Mohammed Bin Rashid Innovation Fund as we enter a new phase of our journey.”

MBRIF was founded to financially support entrepreneurs and SME’s with unique and innovative ideas who can drive the success of the UAE by contributing to the prosperity and sustainability of the country. Applicants must be residents of the UAE, or alternatively, have their company registered in the UAE.

MBRIF is actively pursuing investment opportunities in fast-growing UAE SME’s that have the potential to deliver a large-scale impact that is consistent with its visionary mandate.

 

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