The educational technology sector in Saudi Arabia has experienced remarkable growth, with a staggering surge of 2,069 percent in 2022 compared to the previous year.
The educational technology startup Noon, based in Saudi Arabia, has achieved a noteworthy milestone by successfully concluding a series B fundraising round, generating a large SR153 million ($41 million). Wa’ed Ventures and RAED Ventures of Aramco led this round together.
The educational technology startup Noon, known for its peer-to-peer social learning app, plans to leverage the funding to implement artificial intelligence-powered solutions, further customizing its learning experiences.
Mohammed Al-Dhalaan, co-founder and CEO of Noon, expressed the company’s vision, stating, “As we extend our presence into physical classrooms, our goal is to introduce unparalleled engagement levels within the classroom while providing students with the opportunity to learn from exceptional educators.”
Founded in 2013 by Al-Dhalaan and Abdulaziz Al-Saeed, Noon has gained significant traction in major markets including Saudi Arabia, Iraq, Egypt, and Pakistan. The startup boasts over 12 million registered users, with plans to expand this number to a staggering 190 million across these markets.
Noon intends to allocate the raised capital towards accelerating its global expansion strategies over the next two to three years, further solidifying its position in the educational technology sector.
Omar Al-Majdouie, founding partner at Raed Ventures, praised Noon’s platform, stating, “We’re proud to double down on our investment in Noon and co-lead its series B round. The company has built an exceptional platform experience for students and teachers that delivers new approaches to learning and has demonstrated the ability to scale in various markets across multiple geographies.”
Fahad Alidi, managing director at Wa’ed Ventures, echoed this sentiment, expressing confidence in Noon’s potential for significant growth. He commended Noon for its lasting impact on the regional startup ecosystem.
The funding round saw participation from prominent investors, including SVC, STV, and Riyadh Valley Co. Notable contributors also included Endeavor, Sanabil 500, Qyem Development Holding, and Nahlat Alarab Holding.
The educational technology sector in Saudi Arabia has experienced remarkable growth, with a staggering surge of 2,069 percent in 2022 compared to the previous year. This sector managed to secure $45 million in funding last year, positioning it as the seventh most funded industry in the Kingdom.
This successful funding round marks a significant milestone for Noon, underscoring its potential to revolutionize the educational technology landscape in Saudi Arabia and beyond.