Coded Minds expands footprint in US & Canada

Dr. Gina Cherkowski, founder of EdgeMakers STEM Learning Lab, and Omar Farooqui, founder and president of Coded Minds, at the signing ceremony.
Updated 26 November 2019

Coded Minds expands footprint in US & Canada

Coded Minds, a Gulf-based education technology company, has taken a giant stride toward expanding its product as well as geographical footprint by acquiring an EdgeMakers STEM Learning Lab, an innovative education company in the US and Canada. Alarabi Investments out of DIFC will be joined by 8 Roads (Fidelity’s venture arm) and Avalon Ventures out of San Francisco Bay Area. All parties associated with this transaction wanted to keep the overall value of the transaction private for now.

Headquartered in San Francisco, the US and Calgary Alberta, Canada, the acquired company provides cutting-edge STEM/STEAM, innovation and leadership education, professional development and design thinking programs for kids and teachers in Canada, the US and rest of the Americas. As per Crunchbase the shareholders include 8 Roads as well as Avalon Ventures. 

Omar Farooqui, founder and president of Coded Minds, said this is the first time a 100 percent acquisition has been made by a Gulf-based private education company in the US and Canada. “EdgeMakers, an elite 50-member education team, will merge into Coded Minds and become part of its global educational offerings,” he said.

Earlier this year, the company announced the closing of its first round of funding from Alarabi Investments, which has valued Coded Minds at 44 million dirhams ($12 million). It is expected that this transaction will increase the overall value by more than double. 

Farooqui, a Saudi national, announced that following this acquisition, the global best practice and STEM 2.0 curriculum will now be available in all regions where Coded Minds is operating currently. “Coded Minds continues to grow in multiple geographies. This acquisition has given the company an overnight global status and a foothold into the lucrative US and Canadian markets,” he added.

Dr. Gina Cherkowski, founder of EdgeMakers STEM Learning Lab, believes that the merger is an opportunity for the company to contribute in improving the quality of education in different parts of the world. 

“Being part of a global company will provide us an excellent opportunity to be global leaders in 21st century education through our innovative new partnerships in the Middle East, throughout Asia and across the globe brought about through this transaction,” she said. 

Alarabi Investments, which had invested earlier this year in Coded Minds, have seen their investment multiplied. 

CEO Mohammad Alghaith said: “At Alarabi Investments, we aim to create value for our investors through investments that deliver change, value, and impact. And the expansion of Coded Minds into new markets is part of our investment strategy to seek high growth and global reach.” 

Rich Levandov, a partner at Avalon Ventures associated closely with this transaction, said: “Avalon and EdgeMakers are excited to join forces with Coded Minds to extend the mission of EdgeMakers on a worldwide basis.”

SRC signs SR250m refinancing deal with Bank Aljazira

Updated 29 January 2020

SRC signs SR250m refinancing deal with Bank Aljazira

The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund (PIF), announced that it has signed a mortgage portfolio acquisition agreement with Bank Aljazira, in the presence of Minister of Housing and Chairman of SRC Majed Al-Hogail.

SRC will refinance SR250 million ($66.7 million) of mortgage receivables with the bank, with subsequent anticipated transactions in the future under the MoU.

The agreement was signed by Fabrice Susini, CEO of SRC, and Nabil Al-Hoshan, CEO and managing director of Bank Aljazira, at a special ceremony held in Riyadh. 

Susini said: “Today’s agreement with Bank Aljazira reinforces our commitment to providing lenders with liquidity while developing innovative finance solutions, and in doing so we help our citizens to climb the housing ladder.” 

Portfolio acquisitions such as these will help us ensure that we are able to refinance at least around 10 percent of the market by the end of 2020, and 20 percent of the market by 2028.” 

Al-Hoshan said: “Since 2008, Bank Aljazira invested in the mortgage business and increasing its portfolio year on year which resulted in being one of the leaders in real estate finance market. We will continue our strong leadership in the real estate finance industry, and our commitment to customers is strengthened and improved by this transaction with SRC. I am especially proud that Bank Aljazira and SRC have joined hands to accelerate the mortgage ecosystem which will provide innovative solutions for the citizens.”