EdTech, Noon Academy announced today that it has raised $13 million in Pre-B funding. The round was led by STV –which previously co-led the company’s previous Series A round– with participation from additional investors Alturki Holding and Ahmed El Kalla’s NFX Ventures. The startup’s initial target for the pre-series B round was $5 million. However, it managed to close a $13 million raise this week, despite it being a challenging time for start-up financing. The startup will use the funding to open a new company hub in London and to develop their product.
Mohammed Aldhalaan and Dr. Abdulaziz Alsaeed founded the Saudi-based firm in 2013. Seven years and thousands of data-driven experiments later, Noon Academy has transformed into a comprehensive online learning platform with over six million registered users. Noon Academy takes a student-centric approach and is spearheading the efforts toward direct-to-student learning. The startup has seen an exponential rise in student growth over the past year.
“Our fully interactive and fun platform has been built on the insight that the biggest obstacle to learning isn’t comprehension, but rather boredom” commented Mohammed Aldhalaan, Noon Academy’s Co-Founder and CEO “With this investment, we’re aiming to bring together 50 million students and tutors from around the world by 2023.”
The company’s main differentiator lies in its functionality. Its platform incorporates social and gamification features which makes the learning experience enjoyable, collaborative. This is done through study groups, peer engagement, and contests. This has resulted in its social learning platform achieving 5 times the global industry average of a student’s daily engagement.
The startup will develop more functions that enable schools around the world to use the platform easily for their specific needs. This is particularly relevant as students will continue to study from home for the foreseeable future. Since the beginning of the pandemic, the company has prioritized enhancing the platform to serve the rising demand for EdTech. As a result, Noon Academy has added 3 million students since then.
Noon Academy’s 119-strong in-house team is currently split across offices in Saudi Arabia, Egypt, India and Pakistan. The investment will also support the opening of a new company hub in London, where Product, Design, and Data Science teams will be based.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.