Egyptian edtech startup AKHDAR has successfully secured a six-figure USD funding round from the Saudi Arabia-based venture studio “Value Maker Studio (VMS)” to facilitate its expansion into the Kingdom.
AKHDAR, a prominent edtech startup, specializes in providing a unique service through Arabic audiobook summaries. What originated as a YouTube channel in 2016 swiftly transformed into a robust entrepreneurial venture, culminating in the launch of its independent platform in 2020. Since then, AKHDAR has achieved significant traction, boasting over 2 million app installations and a user base comprising 1.5 million individuals hailing from 174 different countries.
Through the AKHDAR platform, users can access concise 15-minute audio summaries of their favorite books, offering a convenient and time-efficient means of consuming educational content. The extensive library includes over 2500 audio materials, such as book summaries, short casts, and book reviews.
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Meanwhile, VMS is a venture studio that amalgamates diverse talents, resources, and ideas to transform innovative concepts into flourishing businesses. Its mission is to actively empower exceptional entrepreneurs, drive technological innovation, foster job creation, and establish a strategic foothold within the Saudi market. The company is set to launch its “Bridge Programme” early next year, designed to assist Egyptian tech startups in seamlessly expanding into Saudi Arabia. It is within this framework that VMS has invested a six-figure sum in AKHDAR.
Mohamed Osama, co-founder and CEO of AKHDAR, expressed enthusiasm about the successful completion of their bridge round investment, led by VMS under the ownership of Moatz Abo Onuq. He highlighted the strategic partnership’s significant support for their expansion plans in the GCC region, with a specific focus on Saudi Arabia. Additionally, the investment will enable them to fuel their growth and enhance their technology to effectively address challenges faced by today’s learners.
Moatz Abonouq, CEO and Founder of VMS, emphasized that AKHDAR’s vision aligns with their commitment to advancing education. He expressed excitement about supporting AKHDAR’s strategic expansion, enhancing technological capabilities, and fostering partnerships in Saudi Arabia and the GCC. Empowering learners through innovative edtech solutions, he stated, is a shared goal, and they look forward to the transformative impact ahead.
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Shady Ahmed, co-founder and CCO, outlined the primary objectives for this investment round, emphasizing the pursuit of strategic expansion opportunities, the strengthening of their presence, and the establishment of partnerships in Saudi Arabia and the GCC. He reiterated their commitment to continuous technological advancements to enhance the platform’s features and capabilities, ensuring an immersive and personalized learning experience for users. Moving forward, AKHDAR remains dedicated to empowering learners, providing them with a transformative edtech solution that facilitates knowledge acquisition and personal growth.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard