{"id":583856,"date":"2023-03-21T00:00:00","date_gmt":"2023-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/edtech-platform-almentor-raises-usd-10-mn-in-pre-series-c-round-plus-acasia-ventures-invests-in-credable\/"},"modified":"2023-03-21T00:00:00","modified_gmt":"2023-03-21T00:00:00","slug":"edtech-platform-almentor-raises-usd-10-mn-in-pre-series-c-round-plus-acasia-ventures-invests-in-credable","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/edtech-platform-almentor-raises-usd-10-mn-in-pre-series-c-round-plus-acasia-ventures-invests-in-credable\/","title":{"rendered":"Edtech platform Almentor raises USD 10 mn in pre-series C round. PLUS: Acasia Ventures invests in Credable."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.almentor.net\/home?utm_source=sem&utm_medium=cpc&campaign=16869321094&adgroupid=138511046794&device=c&keyword=almentor&matchtype=p&adposition=&network=g&gclid=Cj0KCQjwwtWgBhDhARIsAEMcxeCOCaWpcY-WD1axf0bqf3MEZKCG7QTyg7gezjExB7COw8WuRIR5RegaAq3MEALw_wcB\" style=\"\">Almentor<\/a><\/span><span style=\"font-weight:700\"> secures USD 10 mn in pre-series C funding: <\/span><span style=\"\">Online self-learning platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.almentor.net\/home?utm_source=sem&utm_medium=cpc&campaign=16869321094&adgroupid=138511046794&device=c&keyword=almentor&matchtype=p&adposition=&network=g&gclid=Cj0KCQjwwtWgBhDhARIsAEMcxeCOCaWpcY-WD1axf0bqf3MEZKCG7QTyg7gezjExB7COw8WuRIR5RegaAq3MEALw_wcB\" style=\"\">Almentor<\/a><\/span><span>closed a USD 10 mn pre-series C round led<\/span><span> by Etisalat\u2019s VC arm<\/span><span>, the startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/about.almentor.net\/article\/almentor_secures_a_$10mn_investment_round_led_by_e&_capital_to_bridge_the_education_gap_for_10_million_Arabic_speakers\" style=\"\">said<\/a><\/span><span> last week. Sawari Ventures and Egypt Ventures, t<\/span><span>he International Cooperation Ministry\u2019s VC, made follow-on investments, along with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/partechpartners.com\/\" style=\"\">Partech<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sangocapital.com\/\" style=\"\">Sango Capital<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/endurecap.com\/\" style=\"\">Endure Capital<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A little Egyptian, a little Emirati:<\/span><span style=\"\"> The company was founded <\/span><span style=\"\">in 2016 by the Egyptian <\/span><span>Abdelrahman Fahmy (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/adelrhmanfahmy\" style=\"\">LinkedIn<\/a><\/span><span>) and Ibrahim Kamel (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ibrahim-mostafa-kamel-4649a412\/\" style=\"\">LinkedIn<\/a><\/span><span>), alongside the Emirati Ihab Fikry (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ihab-fikry-9a07386\/\" style=\"\">LinkedIn<\/a><\/span><span>), Hesham Heikal (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/heshamheikal\/\" style=\"\">LinkedIn<\/a><\/span><span>), and Husni Khuffash (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/husni\/?originalSubdomain=ae\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">). The company operates in both Egypt and the UAE and has its HQ in Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Almentor is an Arabic online education platform<\/span><span style=\"\"> helping fill the regional gap in the students <\/span><span style=\"font-weight:400;\">to teachers ratio and help increase employee\u2019s access to the job market. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where the money\u2019s going:<\/span><span style=\"\">The company will use the funds to invest in its B2C segment and <\/span><span style=\"font-weight:400;\">expand to Saudi Arabia. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Acasia Ventures invests in Credable: <\/span><span style=\"\">Acasia Ventures \u2014 the VC arm of the local <\/span><span>investment outfit <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/08\/cairo-angels-has-a-new-face-90649\/\" style=\"\">formerly known as Cairo Angels<\/a><\/span><span> \u2014 has invested in Dubai-based digital banking platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.credable.io\/\" style=\"\">Credable<\/a><\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Credable-Press-Release.pdf\" style=\"\">a press release (pdf)<\/a><\/span><span>. It participated in a USD 2.5 mn seed round led by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.venturesplatform.com\/\" style=\"\">Ventures Platform<\/a><\/span><span> which also featured participation from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/launchafrica.vc\/\" style=\"\">Launch Africa<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.magic.fund\/\" style=\"\">MAGIC Fund<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aaicinvestment.com\/\" style=\"\">AAIC Investment<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.emurgo.africa\/\" style=\"\">Emurgo Africa<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Credable is a digital bank focused (so far) on East Africa:<\/span><span> Launched two years ago, Credable is a B2B2C platform that provides digital banking services to businesses and individuals. It is currently active in Tanzania, Kenya and Uganda where it has acquired more than 1.2 mn customers, including 200k who have used its credit and savings products, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/techcrunch.com\/2023\/03\/20\/credable-a-digital-banking-infra-startup-that-wants-to-build-unit-for-emerging-markets-gets-funding\/\" style=\"\">TechCrunch<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where the money\u2019s going:<\/span><span style=\"font-weight:400;\"> The company will use the funding raised to expand across Tanzania, Uganda, and Kenya, as well as enter new markets.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Credable could soon come to Egypt: <\/span><span>\u201cEgypt and Nigeria are two key markets that Credable is exploring within its long-term expansion plans,\u201d founder and CEO Nadeem Juma said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The money will be used to launch in Saudi Arabia and build out its B2C segment<\/p>\n","protected":false},"author":1,"featured_media":583857,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[6801,6802,73,201,72,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-acasia-ventures","tag-credable","tag-education","tag-egypt-ventures","tag-enterpriseam","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"6246ee8d-de33-4a07-8bfe-e642d08e21bf","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/almentor-1600.jpg","photo_position":"below","homepage_title":"Edtech platform Almentor closes USD 10 mn pre-series C round","full_issue_title":"Edtech platform Almentor closes USD 10 mn pre-series C round. PLUS: Acasia Ventures invests in Credable.","related_issue":[583843],"teaser":"The money will be used to launch in Saudi Arabia and build out its B2C segment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.9f088780-da9c-4259-9ac8-71c68a0ad572.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Edtech platform Almentor raises USD 10 mn in pre-series C round. 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