Egypt-based educational technology (edtech) platform, Akhdar, has received a six-figure US dollar investment from Saudi Arabia-based Value Maker Studio (VMS) to expand its footprint in the Kingdom.
Founded as a book summary app in 2016 by Mohamed Osama, Akhdar now offers more than 2,500 educational resources in Arabic, including podcasts, books and audiobooks, book reviews, as well as audio summaries of books. It has achieved over two mn app installs and acquired 1.5 mn users from 174 different countries since it began operations. The investment by VMS will help Akhdar expand into Saudi Arabia.
In January 2021, Akhdar secured a six-figure seed investment from edtech-focused VC EdVentures, the venture capital arm of Egypt’s Nahdet Misr Publishing House.
VMS is a Riyadh-based venture studio that aims to facilitate startups' entry into the Saudi market. In addition to supporting early stage and pre-seed startups navigate the startup ecosystem, it helps them secure access to funding and expand their networks in the Kingdom.
The investment comes as part of VMS's Bridge Program, which will support Egyptian tech startups in the seed and pre-Series A stage as they expand into Saudi Arabia. The program will provide training and mentorship to startups, helping them navigate the Saudi market and supporting them as they identify target audiences and understand customer behavior. The Bridge Program is being conducted in partnership with the Arab Academy for Science and Technology and Maritime Transport (AASTMT), the Egyptian Federation of Chambers of Commerce (FEDCOC), Digital Economy and Technology General Division, Adventurers, Cash Cows, U Youth and FALAK Startups.
Earlier this month, VMS led a six-figure funding round in Egypt-based edtech OBM Education.