Cairo – Sharikat Mubasher: Educatly, an Egypt-based global network in higher education, announced that securing a new funding round worth $2.5 million led by TLcom Capital and Plus VC.
The round also witnessed participation from Egypt Venture from Egypt and the HBAN syndicate from Ireland, according to a recent press release.
The funding reflects the company's big achievements and solidifies its presence in the Middle East and Africa, including key markets such as Egypt, Saudi Arabia, the United Arab Emirates, Nigeria, Kenya, and Ireland.
Mohmmed El-Sonbaty, Founder, and CEO of Educatly, stated, "Today's announcement marks a significant milestone for Educatly. When we first launched Educatly, our aim was to bridge the gap between students' educational needs and the available educational opportunities to align with their capabilities and ambitions. Today, we are proud to receive this new investment, which reaffirms our commitment to continue working towards our vision and strategic goals through an ambitious plan aimed at increasing growth and expanding our operations in Africa and the Middle East. It will also enhance the services we provide to reach more students around the world and help them achieve their goals."
Abdelrahman Ayman, Co-Founder, and Chief Operating Officer of Educatly, added, "This fund highlights the potential of educational technology in the region. Since the launch of Educatly, we have offered a wide range of services, with our business model focusing on three main pillars: helping students choose their fields of study, finding the ideal programs and universities, and connecting with students and Alumni around the world. We provide a comprehensive digital map of educational institutions worldwide to assist users. We also offer financial support through diverse installment systems in collaboration with our partners, helping students access the best educational programs based on their needs. To date, we have reached over 3 million students and aim to increase this number to approximately 7 million by the end of 2024."
It is worth noting that Educatly has experienced rapid and notable growth, particularly following its recent announcement of securing $1 million in a pre-seed funding round, which included participation from Enterprise Ireland, and Falak Startups, among other investors. This funding came after the platform's launch in late 2020. In addition, Educatly has research and development centers in Cairo and Dubai with investments totaling $500K a year aimed at developing a digital platform that meets global standards to enable students to access various tailored services seamlessly.