Akhdar, an Egyptian educational technology startup, has raised a six-figure USD funding round from Saudi Arabia-based venture firm Value Maker Studio (VMS).
Akhdar, founded in 2016 by Mohamed Osama, began as a YouTube channel and has since grown into a platform with over 2,500 Arabic-language educational content items, such as audio and written books, book reviews, and podcasts. Akhdar is well-known for its one-of-a-kind service of providing Arabic audiobook content, with its platform providing 15-minute audio summaries of various books. Since the launch of its dedicated platform in 2020, Akhdar has amassed over 2 million app installs and attracted a user base of 1.5 million individuals across 174 countries.
Speaking on the fundraising, Co-founder & CEO of Akhdar, Mohamed Osama, said:
We are thrilled to announce the successful completion of our bridge round investment, led by VMS, under the ownership of Moatz Abo Onuq. This strategic partnership will significantly support our expansion plans into the GCC region, mainly focusing on Saudi Arabia. Additionally, it will enable us to fuel our growth and further enhance our technology to address the challenges today’s learners face effectively.
Meanwhile, VMS is a venture studio that combines a diverse set of talents, resources, and ideas to turn innovative ideas into thriving businesses. Its mission is to actively empower exceptional entrepreneurs, drive technological innovation, create jobs, and secure a strategic foothold in the Saudi market.
Moatz Abonouq, Founder & CEO of VMS, stated:
Akhdar’s vision resonates with our commitment to advancing education. We’re excited to support their strategic expansion, enhance technological capabilities, and foster partnerships in Saudi Arabia and the GCC. Empowering learners through innovative edtech solutions is a shared goal, and we look forward to the transformative impact ahead.
Early next year, VMS is launching its “Bridge Programme” to assist Egyptian tech startups in seamlessly expanding to Saudi Arabia. It has also invested six-figure sums in SaaS-based e-commerce startup Awfar and EdTech platform OBM Education through this channel.