UAE-based online video e-learning platform, almentor.net, has closed $4.5 million in a Series A funding round, bringing the total funding to $8 million to date.
The latest funding round was led by Cairo-based venture capital firm Sawari Ventures, with the participation of Egypt Ventures, Endure Capital and angel investor, Mohamed El Amin.
Launched in 2016 by Ihab Fikry, Ibrahim Kamel, Hesham Heikal, Husni Khuffash and Abdelrhamn Fahmy almentor.net’s mission is to address the lack of online personal development content for Arabic-speakers.
The platform offers a catalog of exclusive training videos and expert talks, introducing unique knowledge development solutions for the region in areas including health, technology, humanities, entrepreneurship, and business management.
“Already we have more than 10,000 videos online and we hope to use this investment to further avail our audience to even more enriching learning experiences, in the process helping young people enhance their personal development and confidence while increasing their knowledge base,” said Ihab Fikry almentor.net CEO and co-founder.
The new funding round will be used to accelerate course development and expand the roster of mentors who are recruited through a vigorous selection criterion, with a 10% acceptance rate in order to maintain the highest quality offered in the market.
The EdTech industry is gaining momentum in the region and has bagged millions in investment.
Saudi-based online learning platform, Noon Academy, secured $8.6 million in series A funding last June. while Lebanon-based Arabic interactive learning platform for K-12, Kamkalima, raised $1.5 million in late 2018.
EdTech funding is expected to hit $252 billion worldwide by 2020, according to EdTechXGlobal.
“almentor.net” was ranked 21st in Forbes Middle East’s list of “Top 100 Startups in The Middle East 2018.”