Noon Edtech, an educational technology company, has successfully raised $41 million in its Series B funding round. The funding is a meaningful landmark for the company, whose intention is to reform the education sector with modern technology solutions. 

This startup company provides peer-to-peer learning for students in the MENA region and announced that it is closing $41 million in a Series B funding round. It was led by Wa’ed Ventures and Raed Ventures, taking part from SVC, STV, Riyadh Valley Company – a subsidiary of King Saud University, Sanabil 500, Endeavor, Quem Development Holding, and Nahlat Alarab Holding, amid other tactical investors.  

This company has bound over 12 million students across Mena and Pakistan. Noon Edtech aims to provide accessible and high-quality educational services to learners from rural areas, and this funding round will play a vital role in the student’s life. 

This innovative method has not only encouraged high levels of commitment but also facilitated the expandability of the best teachers. The most important thing is that 50 teachers on Noon Edtech have strongly educated six million students. This methodology is particularly for remote area students. 

To build upon this success, the Edtech company is composed to develop the old classroom methods by combining its valid approach directly into physical classrooms, and it is engaged in offering quality education and funding on the current developments in generative AI. 

Mohammed Aldhalaan, co-founder and CEO of Noon Edtech company said that they will create a radical change in the way of learning by the people. And to create a physically engaging classroom by allowing learning from exceptional educators. 

The Noon Edtech founded in 2013 by Aldhalaan and Abdulaziz Alsaeed, is an observational or social learning platform that paves the way for students to join study groups, take part in competitions, and be involved in live sessions with teachers. Offering over 12 million students in Iraq, Saudi Arabia, and Pakistan and it aims to provide support for nearly 190 million students.

 

The company plans to invest the funding to develop its AI-generative solutions, offering a better learning experience, and to help global expansion over 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. Co-leading this round with Wa’ed Ventures, the VC arm of Saudi Aramco, and the participation of great, globally oriented investors such as Endeavor Catalyst will only boost the potential of Noon to grow further and to continue disrupting how people learn”, said Omar Almajdouie, Founding Partner at Raed Ventures.

“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. We are excited to partner with Mohammed and Dr.Abdulaziz on their mission to revolutionise learning for millions of students in the region and eventually worldwide,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

In Saudi Arabia, the educational technology sector has marked a massive extension, rising by 2,069 percent in 2022 when compared to the last year.  

This sector tried to manage and reached $45 million in the previous year, marking it as the seventh most-funded industry in the kingdom.