Classera, a global edtech e-learning service provider announced recently that it had raised $40 million from investors, which is the largest in the edtech industry globally for a company that has no prior funding and also marks the largest funding round ever in edtech, in MENA and most of Africa.
This round of financing was led by Sanabil Investments, a wholly-owned company by Public Investment Fund (PIF) alongside Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture, and Seedra Ventures. Additionally, the round saw participation from a diverse set of investors from Silicon Valley, emerging markets, and global family offices.
A breakdown of the value of the investments was not disclosed to date.
According to the company, the fresh capital will be used to further develop its Learning Super Platform (LSP) for the education and corporate training sectors, and cement its position as a global leader in e-learning and edtech. In addition, the investment will be used to target more growth in MENA and the rest of Africa, and to accelerate its global expansion, especially into Asia Pacific (APAC), via direct sales, channel partners, and acquisitions.
Furthermore, the investment will also help Classera via its specialized platform for corporate e-training LeadXera to expand faster into that huge sector.
In 2011, the entrepreneur Mohammad Almadani and his partner Mohammad Alashmawi established Classera in Silicon Valley. They started their first company at the age of 18 with a vision to revolutionize e-learning and enable learners in emerging markets to reach their full potential.
Currently, Classera has become the largest edtech company in MENA and most of sub-Saharan Africa, educating millions of learners in over 30 countries. The cornerstone of Classera’s technology is its LSP, which is a fully integrated ecosystem to boost learning engagement and the overall learning experience by easing the process.
It includes a gamified learning management platform based on AI and social learning, an augmented reality learning app C-Reality, a full ERP for educational institutions C-Smarter, an integrated e-payment gateway C-Pay for pocket money, tuition payments and financing, and a specialized educational marketplace for edtech and educational supplies products Edumalls.
Starting by focusing on the Middle East and Africa, Classera said it had “one of the highest engagement metrics in the e-learning industry globally in the last academic year”, and a nearly 70% market share in several markets in the Middle East and more than 10 billion page views on its platform.