Saudi Gazette
JEDDAH — Over the past few years, the education sector has maintained steady focus on developing technology-driven teaching methods. It has been showing an impressive growth as demand is driven by schools, colleges and universities become increasingly digitally-focused.
A Saudi-based education technology firm, Coded Minds has announced the closing of its latest round of funding from a single investor, Alarabi Investments. Alarabi Investments has become a significant minority shareholder in Coded Minds Limited therefore valuing Coded Minds now at AED40 million with this round of funding.
This investment is the company’s second, after successfully investing in a Saudi healthcare startup that is powered by artificial intelligence, also a disruptive business model and the first of its kind in the region. It is also in line with Saudi Arabia Vision 2030 and the fund is geared towards supporting this vision.
Coded Minds offers a huge variety of modernized project-based courses taught across the UAE’s private and public schools. The company is licensed by Knowledge & Human Development Authority (KHDA). The company has developed a disruptive business model that is expected to change the dynamics of the education sector. This new approach will capitalize on the relatively younger population of GCC countries.
“We welcome a fabulous partner like Alarabi Investments onboard and believe that this partnership will allow Coded Minds to not only execute on its UAE expansion plans but also to further enter into Saudi Arabia as a key market immediately while continuing to develop & enhance our course offerings,” said Omar Farooqui, founder and chief innovation officer of Coded Minds.
Mohammad Alghaith, CEO of Alarabi Investments, called this an organic collaboration. “It is our mandate to invest in next generation’s disruptive businesses with mass scalability in the GCC and beyond. Education especially iSTEAM (innovation, science, technology, engineering, arts and mathematics) fits perfectly in our agenda. We are also excited to be part of Coded Minds’ noble agenda of spreading knowledge among the next generation around the world,” said Alghaith.
Farooqui said that the collaboration is part of Coded Minds’ global expansion strategy. “This year, Coded Minds will be expanding its operations into Saudi Arabia, while further solidifying its UAE operations and starting to look into Asia namely Pakistan for opportunity,” he said.
“We are committed to forming new education paradigms for our children, in order to equip them with the right skills and prepare them for future challenges,” added Farooqui.
Farooqui said his company not only provides technology focused & integrated courses but is also on a mission to bring about a revolution in the education sector in the classroom and beyond through the implementation of technology and a revolutionary business model.
“Learning must be continuous, enjoyable and lifelong and not time bound whether at primary, secondary or higher education and the methodology of delivery of subject matter needs radical rethinking,” he said.
Based in Dubai, Alarabi Investments focuses on delivering change, value and impact through investment in prospective opportunities.
