RIYADH: Saudi Arabia’s educational technology startup Noon closed a SR153 million ($41 million) series B funding round co-led by Aramco’s Wa’ed Ventures and RAED Ventures.
Offering a peer-to-peer social learning app, Noon aims to utilize the funding to enable artificial intelligence-powered solutions to personalize its learning experiences further.
“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,” said Mohammed Al-Dhalaan, co-founder and CEO of Noon.
Founded in 2013 by Al-Dhalaan and Abdulaziz Al-Saeed, Noon has gained traction in large markets, including Saudi Arabia, Iraq, Egypt, and Pakistan.
The company claims to have more than 12 million registered users, with the aim of expanding that figure to 190 million across the aforementioned markets.
Noon also aims to use the capital to boost its global expansion strategies within the next two to three years.
“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,” Omar Al-Majdouie, founding partner at Raed Ventures, said.
Moreover, Fahad Alidi, managing director at Wa’ed Ventures, expressed his trust in Noon’s position to significantly grow.
“Noon has become one of the very few emerging companies to establish a lasting impact on the regional startup ecosystem by being both a successful business model in a typically challenging sector and a true agent of change,” he said.
The funding round also saw participation from notable investors, including SVC, STV, and Riyadh Valley Co. Other participants include Endeavor, Sanabil 500, Qyem Development Holding, and Nahlat Alarab Holding.
The education technology sector in Saudi Arabia has witnessed substantial growth, surging by 2,069 percent in 2022 compared to the previous year.
This sector managed to raise $45 million last year, ranking it as the seventh most funded industry in the Kingdom.
