STV, the venture capital firm anchored by telecommunications firm Saudi Telecom, has led a $13m pre-series B round for Saudi Arabia-based social learning platform developer Noon Academy, MenaBytes reported yesterday.
The round also featured venture capital firm NFX Ventures and investment and development holding company Alturki Holding.
Founded in 2013, Noon Academy runs a digital learning platform with more than 6 million users. It originally focused on exam preparation but now also incorporates gamified assessments and social collaboration tools.
The company has also been expanding geographically, both in the Middle East and into South Asian markets such as India and Pakistan.
STV and Raed Ventures, the corporate venturing arm of conglomerate Almajdouie, co-led Noon Academy’s $8.6m series A round in June 2019, participating with Alisamiah Investment, Saudi Venture Capital, Abdulla Elyas, Abdulrahman Aljadhai and Mazen Aljuba.