News
Online Learning Platform Abwaab Raises 2.4M in Seed Funding
Abwaab, MENA’s latest online learning platform, today announces the closing of its $2.4M pre-seed funding round.
The round was kicked off by Adam Tech Ventures and joined by Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund (“ISSF”), a London-based investment fund, a number of former and current executives from Uber and Netflix, among others.
The startup plans to use this funding to develop its product and grow its team.
What’s Abwaab?
Abwaab is a Jordan-based online learning platform, allows secondary school students to learn at their own pace, test themselves and get ahead with our expert tutors anytime and anywhere. By offering concept-based video lessons, visualized learning journeys, continuous assessment, and performance-tracking features, we are changing the way students learn outside the classroom.
The Jordanian-based ed-tech startup was founded in September 2019 by Hamdi Tabbaa, former General Manager of Uber for the GCC & Levant, and AI expert Hussein Alsarabi, former director of technology & product development at Mawdoo3.com.
“There is a clear lack of online educational resources for young people in MENA who are in their prime learning age (0-24) despite the fact that they currently makeup half of the region’s population and rank one of the lowest on academic performance. By providing a high-quality, easily-accessible and fun learning experience, we believe that our product will have a powerful impact on generations to come,” said Hamdi Tabbaa, Co-founder & CEO, Abwaab.
Abwaab’s website, which launched in early February of this year, offers an online learning experience for secondary school students with programs tailored to specific markets in the region. From concept-based video lessons taught by highly experienced teachers to various forms of assessment and performance-tracking features, students get the opportunity to learn at their own pace, assess themselves and track their progress anytime and anywhere.
The startup, which has a freemium subscription model, has begun rolling out its content, starting with STEM subjects tailored to the Jordanian market and has produced nearly 1,000 videos to date.
“Not only are we planning on tailoring the learning experience on the country level, but also on the individual level. We aim to harness the power of AI to provide each and every student with a unique and personalized learning journey. I believe that AI will be an instrumental driver of change in ed-tech and we want to be at the forefront of this,” said Hussein Alsarabi, Co-founder & CTO, Abwaab.
In recent years, MENA has experienced a boom in ed-tech startups with many attempting to take on the $20B after-school tutoring industry and address the lack of online educational resources for students in the region. Nevertheless, there is still more work that needs to be done. Despite being the 4th largest language globally, Arabic only accounts for 3% of content online which is a huge discrepancy that needs to be addressed.
“We see huge potential in Abwaab and are very excited to be supporting its mission. We can clearly see the impact Byju’s is having on the Indian market and strongly believe that Abwaab will have a similar effect in MENA,” said Dina Shawar, CEO, Adam Tech Ventures.
News
Saudi Fintech Lendo Signs MOU with J.P. Morgan
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
News
TA Telecom Introduces AnteThink: A New AI Decision Support Tool
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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