Insider Brief
- Noon, a Saudi Edtech startup focused on peer-to-peer social learning, has raised $41 million in a Series B funding round co-led by Wa’ed Ventures and Raed Ventures, with contributions from several strategic investors.
- The startup, which has reached over 12 million students in MENA and Pakistan, aims to incorporate its social learning model into physical classrooms, leveraging generative AI to enhance education.
- With a strong regional presence, Noon plans to use AI integration to maintain its lead in the Edtech space and prepare for global expansion within the next few years.
PRESS RELEASE — Saudi Arabia/November 2, 2023 — Noon, the Saudi-based Edtech startup offering peer-to-peer social learning for students in the MENA region, announced closing a SAR 153 million ($41 million) Series B funding round. The round was co-led by Wa’ed Ventures and Raed Ventures, with participation from SVC, STV, Riyadh Valley Company (a subsidiary of King Saud University), Endeavor, Sanabil 500, Qyem Development Holding, and Nahlat Alarab Holding, among other strategic investors.
Through its innovative peer-to-peer, social learning approach, Noon has engaged over 12 million students across Mena and Pakistan. This effective methodology has not only fostered high levels of engagement but also facilitated the scalability of star teachers. Remarkably, a select group of 50 teachers on Noon have successfully educated six million students. This breakthrough has democratised access to exceptional education, particularly for students in remote areas.
Building upon this notable success, Noon is poised to enhance the traditional classroom experience by integrating its proven approach directly into physical classrooms, furthering its commitment to providing quality education universally, and capitalising on the latest developments in generative AI.
“We exist to radically change the way people learn,” noted Mohammed Aldhalaan, cofounder and CEO at Noon. “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 Mohammed Aldhalaan and Dr.Abdulaziz Alsaeed to radically change the way people learn, Noon ranks among the top Edtech startups in the Middle East by number of registered students and funds raised to date. Since its inception, the platform has served more than 12 million students across Saudi Arabia, Iraq, Egypt, and Pakistan, with aims to support 190 million students across these markets alone.
“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.
With the popularisation of artificial intelligence solutions, an increasing number of global edtech startups are working to integrate AI-powered solutions into their platforms to offer personalised learning experiences and identify knowledge gaps. Noon’s adoption of AI will help sustain its regional position as a leading learning platform while preparing the company for its global expansion within the next two to three years, according to the founders.
Featured image: Credit: Noon
