- Egypt-based edtech Akhdar has raised a six-figure round from Saudi Arabia-based venture studio Value Maker Studio (VMS).
- The goal of the round is to support Akhdar’s expansion plans into Saudi Arabia.
- Founded in 2016 by Mohamed Osama, Akhdar offers more than 2,500 Arabic-language educational content in the form of audio and written books, book reviews, and podcasts, among others.
- The app is used by 1.5 million users in 174 countries across the globe.
Egyptian Edtech startup AKHDAR has secured six-figure US dollar funding from Saudi Arabia-based venture studio ‘’Value Maker Studio (VMS)’’ to expand its presence in the Kingdom.
AKHDAR, a leading edtech startup, offers a unique service in the form of Arabic audiobook summaries. What began as a YouTube channel in 2016 quickly evolved into an entrepreneurial track, leading to the launch of its own platform in 2020. Since then, AKHDAR has garnered impressive traction, with over 2 million app installs and a user base of 1.5 million individuals from 174 different countries.
Through AKHDAR's platform, users can access concise 15-minute audio summaries of their favorite books, providing a convenient and time-efficient way to consume educational content. AKHDAR’s extensive library encompasses over 2500 audio materials, including book summaries, short casts,and book reviews.
VMS, meanwhile, is a venture studio that brings together a diverse range of talents, resources, and ideas to transform innovative concepts into thriving businesses. Its mission is to actively empower exceptional entrepreneurs, drive technological innovation, foster job creation, and secure a strategic foothold within the Saudi market.
The company is launching its “Bridge Programme” early next year, to help Egyptian tech startups seamlessly expand to Saudi Arabia. It is through this that it has invested a six-figure sum in AKHDAR.
Mohamed Osama, co-founder and CEO of AKHDAR said: "We are thrilled to announce the successful completion of our bridge round investment, led by VMS (Value Makers Studio) under the ownership of Moatz Abo Onuq. This strategic partnership will greatly support our expansion plans into the GCC region, with a particular emphasis on Saudi Arabia. Additionally, it will enable us to fuel our growth and further enhance our technology to effectively address the challenges faced by today's learners."
Moatz Abonouq, CEO and Founder of VMS Said: "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."
Shady Ahmed, co-founder and CCO said: "Our primary objective for this investment round is to pursue strategic expansion opportunities, strengthen our presence, and establish partnerships in Saudi Arabia and the GCC. Furthermore, we are committed to continuous technological advancements that will enhance our platform's features and capabilities, ensuring an immersive and personalized learning experience for our users, as we move forward, AKHDAR remains dedicated to empowering learners, providing them with a transformative edtech solution that facilitates knowledge acquisition and personal growth."