Innovvette gets a new shareholder: Publishing house and educational services provider Nahdet Misr has acquired a third of early education startup Innovvette. The startup’s ownership is now “almost equally” split between its founder, Nahdet Misr, and our friends at EGX-listed CIRA Education, according to a joint statement (pdf). None of the parties would disclose the value of the transaction.

What will the new shareholder bring to Innovette? Innovvette plans to set up 25 new nurseries nationwide within the next three years. Proceeds from the stake sale will give the company the resources it needs to “expand its footprint of operating preschool centers across Egypt,” CIRA CEO Mohamed El Kalla said during a press conference.

ICYMI- CIRA acquired a 51% stake in Innovette back in January 2021, shortly after the startup was founded by early childhood education pioneer Dina Abdel Wahab (LinkedIn).

More on the horizon:The new ownership structure will allow Innovvette to expand the scope of its operations by offering educational curricula for children up to the age of 5 as well as training programs and certifications for preschool teachers. The partnership also aims to help third-party preschool operators establish conducive learning environments for special needs children and those with gifted abilities.

Innovvette is going strong:The company has so far established eight preschools nationwide under its STEAMulation Hub, Discovery Campus, and KidzGround brands.

What’s next for Nahdet Misr and CIRA? Nahdet Misr VC arm Edventures plans to support 20 startups in 2024 through a mix of funding, incubation, and acceleration, Nahdet Misr CEO Dalia Ibrahim told Enterprise. CIRA is also set to close a EGP 500-mn future flow securitization issuance next year, which would mark the third and final portion of its EGP 2 bn program, the company’s IR team told us.

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