Edtech startups flourish in the first week of July

Cairo: From educational technology to digital content and digital currencies, the startup ecosystem is buzzing with activity as venture capital investments and strategic acquisitions are made across sectors.

Saudi-based Jeel, an edtech startup for kids, teens, parents and educators, has received seven-figure funding from RZM Investment and a group of leading angel investors.

Jeel plans to strengthen its presence in the business-to-business and business-to-government sectors by offering its services to institutions and governments.

“We aim to expand our reach and influence in digital content by partnering with institutions and governments, thereby driving growth in this sector,” said a Jeel spokesperson.

The funding will also be used to add new languages ​​to the Jeel app with the aim of attracting more users from different Arab countries and expanding into new markets in the region.

“We are committed to providing a superior user experience by integrating new features and continuously improving our app,” the spokesperson added.

In addition, the company will launch a comprehensive online store to facilitate the purchase of products and services related to the Jeel program, provide a seamless experience for users and help grow the company’s revenue.

The spokesperson added: “With this investment, Jill emphasizes its commitment to provide innovative and targeted digital content for children, teenagers, parents and educators, focusing on strengthening and enriching the Arabic language.”

This strategic investment will enable Jeel to continue its mission of providing high-quality educational and entertaining digital content and position itself as a leader in the industry, the release said.

CoinDCX acquires BitOasis to strengthen MENA presence

CoinDCX, India’s largest cryptocurrency exchange, has announced the acquisition of BitOasis, a UAE-based virtual asset trading platform.

This strategic move follows CoinDCX’s investment in BitOasis in August 2023 as the company plans to strengthen its presence in the Middle East and North Africa.

The acquisition empowers BitOasis to expand its presence across the Middle East and North Africa region, leveraging its new license in Bahrain and the reopening of its platform in Dubai.

Founded in 2018, CoinDCX claims to have a strong user base of over 15 million and will facilitate an average quarterly trading volume of over $840 million by 2024.

Co-founder Sumit Gupta said, “Based on six years of success, CoinDCX aims to become the go-to cryptocurrency trading platform worldwide.

“For us, investor protection has been very important and we have distinguished ourselves in India by being relentlessly compliant,” he added.

Founded in 2016 by Ola Dudin, Tarek Kilani and Daniel Rubenk, BitOasis is the first and largest crypto asset exchange in the MENA region. It is available in 15 countries across the region and allows its users to buy, hold and sell more than 60 digital currencies.

The company claims to have processed over $6 billion in trade volume and raised over $40 million from leading regional and global investors.

“The acquisition of CoinDCX marks an exciting new chapter for BitOasis, one that propels us forward into much stronger territory,” said Dodin, CEO of BitOasis.

“Trust and regulatory compliance have been key pillars in our mission to drive crypto adoption across MENA,” he added.

The acquisition enables BitOasis to offer a broader product portfolio, advanced crypto services, increased liquidity and improved trading options.

“Users can expect an improved overall experience with access to a wider range of tokens and better trading options,” Dudin added.

Sumit Gupta emphasized that the BitOasis brand and leadership team will remain unchanged after the acquisition, enhancing the synergy and seamless collaboration between both organizations.

“Joining forces with BitOasis is perfectly aligned with our vision to build a strong presence across the MENA region, serving a diverse range of retail and institutional customers,” said Gupta.

EdVentures invests $400,000 in the online education platform Misr al-Khata

Egyptian EdVentures, the investment arm of Egypt’s educational technology specialist Nahdat Group, has announced a $400,000 investment in Al Khata, an online platform for Egyptian students.

Al Khata offers remedial lessons, exams and interactive videos from the new Egyptian curriculum, offering students a customized and flexible learning experience.

“We strongly believe in the potential of the Al Khata platform to revolutionize the online education sector in Egypt,” said Dalia Ibrahim, Founder and President of Nahdat Egypt for EdVentures Entrepreneurship.

“We are committed to supporting talented entrepreneurs in the education technology sector and helping them achieve their vision to create a better and easier education experience for everyone,” he added.

The El Kheta platform allows students to choose their desired curricula and create study programs tailored to their needs.

Services include remedial lessons, interactive instructional videos, homework assignments, and direct communication with teachers.

The goal of this personalized approach is to improve academic performance and overall student success. “Our goal is to empower youth and expand the range of online education opportunities for school students in Egypt,” Ibrahim said.

Germany’s Mitgo Group Launches $20M FinTech Capy

Germany-based holding company Mitgo Group has launched a $20 million fintech startup, Capy, targeting the MENA market.

This investment package will be distributed over the next three years. The initial part will be dedicated to the development of the first version of the platform, with a special focus on early payment solutions and acceleration.

In the first quarter of 2024, Mitgo Group announced the launch of fintech services for publishers in the affiliate market, including cashback services, media buying, loyalty programs and pay-now shopping services.

This new route is based on the UAE’s embedded finance platform, Embedded.

Since the acquisition, Embedded has received additional funding and comprehensive support and has been launched as Capy in the global company Mitgo.