The Riyadh based EdTech startup, Noon Academy, is prepared to expand into India as it has announced the largest ever Series A funding round in the MENA EdTech market, valued $8.6 million.
The company has decided to use the funding for improving its product and engineering teams, launching into new markets and emphasizing on growth in the existing markets.
The round of funding is co-led by renowned venture capitals from the region STV and Raed Ventures, along with institutional investors like Alisamiah Investments, and high-profile angel investors such as Abdulla Elyas, Abdulrahman Aljadhi, Mazen Aljubair and many more.
The Arab online learning platform has more than 2 million users in Egypt and Saudi Arabia, providing a unique learning platform to students who don’t have access to premium study materials. On average, every student spends 60 minutes on the Noon Academy application per visit, which is way beyond the industry standard of 14 minutes per visit.
The platform follows a ‘freemium’ revenue model, which allows the users to access basic content for free, with an option to get premium live interactive tutoring sessions by paying a fee. Thus far, 1,500 certified tutors have seen serving the students with necessary learning materials on the platform.
According to Business Standard, Noon Academy also helps the students to pass the Saudi general aptitude test and the achievement tests. Being accredited from the Saudi National Centre of Assessment (QIYAS), the platform seems more reliable to the students.
The platform’s expansion plan in India has some good reasons behind it. The Indian education market is destined to grow up to $5.7 billion by the next year, reported India Brand Equity Foundation. This makes the country a very attractive market for EdTech startups like Noon Academy.
"The biggest issue in studying is not comprehension; rather, it's boredom, and that is where Noon Academy's unique social learning platform achieves what others cannot. Noon is transforming into an open platform, where teachers around the world can start their own educational groups, allowing exceptional teachers to organically cultivate their own following and generate additional income through excellent performance and positive reviews. This approach not only dramatically improves student motivation, but also allows exceptional teachers to teach thousands of students in one group, making high-quality education accessible and affordable to the masses", said Mohammed Aldhalaan, Co-founder and CEO of Noon Academy.
"We see incredible promise in this industry and in Noon Academy in particular, and look forward to seeing how Mohammed and Abdulaziz will continue to build this exciting company. Many platforms are working on accessibility of education, but Noon has a unique focus on students' motivation, which tackles the real problem students face today", said Omar Almajdo, Raed Ventures' Founding Partner.