Arab News, Tue, Jan 30, 2024 | Rajab 18, 1445
Saudi edtech startup iStoria secures $1.3m in funding
Saudi Arabia:
Saudi Arabia’s educational technology
sector continues to garner investor interest as iStoria secured SR5 million
($1.3 million) in a seed funding round.
This investment in the app, which specializes in
English language learning, involved multiple regional players, including Saudi
Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech
Classera, Egypt-based Flat6Labs, and various angel investors.
The investment will enable the enhancement of the
app’s features and aid in expanding its global footprint.
Founded by Abdullah Al-Jaberi in 2022, iStoria has
quickly gained a substantial user base, surpassing 1 million learners globally.
The company’s approach to English language
education focuses on vocabulary building through reading stories at various
levels, with comprehension questions and vocabulary tests.
This method prepares learners for global language
tests and offers a continually updated and enriching learning experience. The
company also achieved a satisfaction rate of 4.6 out of five in the app store.
Its recent growth has been bolstered by expanding
its services to organizations, including contracts with numerous private and
public schools, where it has been integrated into educational curriculums,
allowing for direct supervision.
“We are pleased with the conclusion of this
investment round. Through this funding, we will continue to pursue our goal of
enabling individuals to communicate effectively and confidently in English,”
Al-Jaberi said.
He added: “We are optimistic and look forward to
the next phase of the application’s growth and the impact we can create,
primarily through offering services to organizations and expanding worldwide.”
The company also raised an undisclosed pre-seed
funding round from Nama Ventures in 2022 to bolster its operations.
The edtech sector has emerged as one of the top
five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of
$50 million raised by Saudi-based startups, a 6 percent growth from the year
before.
Furthermore, in 2022, the sector witnessed
substantial growth, surging by 2,069 percent compared to the previous year.