{"id":612287,"date":"2023-12-20T00:00:00","date_gmt":"2023-12-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/20\/nahdet-misr-acquires-stake-in-early-education-startup-innovvette\/"},"modified":"2023-12-20T00:00:00","modified_gmt":"2023-12-20T00:00:00","slug":"nahdet-misr-acquires-stake-in-early-education-startup-innovvette","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/20\/nahdet-misr-acquires-stake-in-early-education-startup-innovvette\/","title":{"rendered":"Nahdet Misr acquires stake in early education startup Innovvette"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Innovvette gets a new shareholder: <\/strong>Publishing house and educational services provider <a target=\"_blank\" href=\"https:\/\/nahdetmisr.com\/\" style=\"\" rel=\"noopener\">Nahdet Misr<\/a> has acquired a third of early education startup <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/innovvette-for-education\/\" style=\"\" rel=\"noopener\">Innovvette<\/a>. The startup\u2019s ownership is now \u201calmost equally\u201d split between its founder, Nahdet Misr, and our friends at EGX-listed CIRA Education, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/1316.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. None of the parties would disclose the value of the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will the new shareholder bring to Innovette?<\/strong> 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 \u201cexpand its footprint of operating preschool centers across Egypt,\u201d CIRA CEO Mohamed El Kalla said during a press conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- CIRA acquired a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3aefb52-9147-4551-b3fa-bf3ccb80bbbf\" style=\"\" rel=\"noopener\">51% stake<\/a><\/strong><strong> in Innovette back in January 2021<\/strong>, shortly after the startup was founded by early childhood education pioneer Dina Abdel Wahab (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/dina-abdelwahab\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on the horizon:<\/strong>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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Innovvette is going strong:<\/strong>The company has so far established eight preschools nationwide under its <a target=\"_blank\" href=\"https:\/\/steamulation-hub.com\/\" style=\"\" rel=\"noopener\">STEAMulation Hub<\/a>, <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/discoverycampus.eg\/\" style=\"\" rel=\"noopener\">Discovery Campus<\/a>, and <a target=\"_blank\" href=\"https:\/\/kidz-ground.com\/\" style=\"\" rel=\"noopener\">KidzGround<\/a> brands.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for Nahdet Misr and CIRA?<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a7d8e03-80c9-4d12-b1cd-aaa6bc9c4394\" style=\"\" rel=\"noopener\">EGP 2 bn program<\/a>, the company\u2019s IR team told us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Innovvette\u2019s ownership is now equally split between its founding partner, CIRA Education, and Nahdet Misr<\/p>\n","protected":false},"author":1,"featured_media":612288,"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":[7363],"tags":[402,73,72,11874,7128,3627],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cira-education","tag-education","tag-enterpriseam","tag-innovvette","tag-ma-watch","tag-nahdet-misr","wpautop","entry"],"acf":{"mongo_id":"06b3d53b-b199-4e04-983b-1664b8ee6be7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1345.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian education services provider Nahdet Misr has acquired a stake in Egypt\u2019s early education startup Innovvette","related_issue":[612278],"teaser":"Innovvette\u2019s ownership is now equally split between its founding partner, CIRA Education, and Nahdet Misr","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.cb17dea0-e734-4e4b-9c1b-f4ba61a199ad.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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CIRA plans to invest some EGP 50 mn to expand Innovette\u2019s footprint as it looks to start 25 nurseries within five years, the company said in\u2026","rel":"","context":"In &quot;Education&quot;","block_context":{"text":"Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/304.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604426,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/nahdet-misr-publishing-to-establish-two-education-subsidiaries\/","url_meta":{"origin":612287,"position":1},"title":"Nahdet Misr Publishing to establish two education subsidiaries","author":"enterpriseam admin","date":"3 December 2018","format":false,"excerpt":"Nahdet Misr Publishing is planning to establish two new education-focused companies within two months, Al Mal reports. No further details were provided on the expected investment value or the mandate of the companies.","rel":"","context":"In &quot;Health + Education&quot;","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637478,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/nahdet-misr-publishing-launches-new-edtech-incubator\/","url_meta":{"origin":612287,"position":2},"title":"Nahdet Misr Publishing launches new Edtech incubator","author":"enterpriseam admin","date":"16 November 2017","format":false,"excerpt":"Nahdet Misr Publishing Group launched EdVentures, Egypt\u2019s first corporate venture capital arm specializing in edtech, Wamda reports. \u201cEdVentures incubates, accelerates, and further invests in startups specializing in education and learning.\u201d","rel":"","context":"In &quot;Health + Education&quot;","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559064,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/hit-the-books\/","url_meta":{"origin":612287,"position":3},"title":"Hit the books","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Book summary and education platform Akhdar has raised a six figure sum from Nahdet Misr Publishing House\u2019s venture capital arm, EdVentures, to add new learning tools to its app and improve its user interface, Wamda reports. 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