Egypt-based educational technology start-up Orcas has secured $2.1 million in new funding to expand its operations in the Middle East and North Africa and further develop its product to boost online learning.
The funding round was led by CIRA’s NFX Ventures and Access Bridge Ventures, with participation from Algebra Ventures, Launch Africa Ventures, Cairo Angels Syndicate Fund and Seedstars International, Orcas said on Sunday.
"Learners today have different needs that EdTech companies must cater to,” said Hossam Taher, chief executive of Orcas. “For that reason, we have evolved into a learning platform that offers the complete spectrum of teacher-led and self-paced learning environments.”
Co-founded by Mr Taher and Amira El Gharib in 2019, Orcas provides K-12 students with one-on-one tutoring sessions, both online and in-person. The platform also includes practice assignments and personalised learning plans to help students learn better.
The latest round of funding will help the company “to continue to build our technology product, attract the best talent, and expand to new geographies in Menap [Middle East and North Africa and Pakistan]”, Mr Taher said.
The EdTech sector in the Middle East and Africa is set to grow to Dh26 billion ($7.07bn) by 2027 as the shift to digital education accelerates because of the Covid-19 pandemic, according to a study by Report Linker. The widespread adoption of smartphones, interactive displays and other digital learning tools will drive the growth.
“We are confident that with this latest investment they [Orcas] will continue to be market leaders within the space and will now be able to add more exciting educational solutions using cutting edge technology and to bring these products to new markets,” Aly El Shalakany, chief executive of the Cairo Angels Syndicate Fund, said.
Orcas also plans to start operations in Lahore, Pakistan in early 2022 to support online learning in the country.
"We invest in innovative ideas, marketplaces, and technologies that will disrupt the traditional education model and create easier, better, and cheaper education access for kids globally," said Issa Aghabi, managing director at Access Bridge Ventures.
"The team from Orcas is a perfect example of a strong team with strong technology that is looking to address a key emerging market problem."
Mena-based start-ups secured investments worth $1.2bn in the first half of 2021, up 64 per cent compared with the same period in the previous year, a report from Magnitt showed.
