Noon, an EdTech startup based in Saudi Arabia that provides peer-to-peer social learning for students in the MENA region, recently announced that it has successfully raised $41 million (SAR 153 million) in its Series B funding round. The round was co-led by Wa’ed Ventures and Raed Ventures, with participation from STV, Riyadh Valley Company, Endeavor, Sanabil 500, Qyem Development Holding, and Nahlat Alarab Holding, among other strategic investors.
Noon, co-founded in 2013 by Mohammed Aldhalaan and Abdulaziz Alsaeed, allows students to engage with lecturers in real-time, join study groups, and participate. The company aims to transform how individuals approach education thoroughly. It allows students to study in groups with friends under renowned educators. In the Middle East, Noon is ranked highly among EdTech startups based on the quantity of students enrolled and the amount of money raised thus far. Since its inception, the platform has served more than 12 million students across Saudi Arabia, Iraq, Egypt, and Pakistan, intending to support 190 million students across these markets alone.
Speaking about the company, Co-founder & CEO of Noon, Mohammed Aldhalaan, said:
We exist to change how people learn radically. 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.
Building on this remarkable achievement, Noon is positioned to enhance the traditional classroom experience by bringing its tried-and-true methodology into physical classrooms, strengthening its commitment to offering high-quality education to all and taking advantage of the latest developments in generative AI.
Commenting on the fundraising, Fahad Alidi, Managing Director, Wa’ed Ventures, said:
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 trustworthy 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.
Omar Almajdouie, Founding Partner, Raed Ventures, commented:
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.
A growing number of international EdTech startups are attempting to incorporate AI-powered solutions into their platforms to provide personalized learning experiences and identify knowledge gaps due to the popularization of AI solutions. According to the founders, Noon’s adoption of AI will help it maintain its standing as the top learning platform in the region and get ready to expand internationally in the next two to three years.