The Arab region witnessed two significant deals in March to support the digital content industry in entertainment and education, where Almentor, the leading Arab platform for creating illustrated educational content, received $10 million during its recent funding round led by the UAE’s e&. Saudi Research and Media Group (SRMG) has also declared the establishment of SRMG Ventures, a specialised venture capital investment arm focused on startups and new technologies related to interactive entertainment media content and online platforms.
First Deal
Almentor, the Middle East’s top Arab platform for the video learning, has closed a new $10 million fundraising deal as part of its recent funding round led by UAE’s e& Capital.
e& Capital joins almentor’s existing list of investors, including Partech, Endure Capital, Sango Capital, Sawari Ventures and Egypt Ventures. The online platform aims to serve ten million learners across the Middle East and North Africa. It also intends to use this funding to increase its investments in the B2C business and expand in Saudi Arabia.
It is worth noting that the (Almentor) platform targets a large segment of learners, including nearly 400 million Arabic speakers who need educational services, as the Arab region continues to face a decline in educational spending and investment, with a high percentage of students compared to teachers, which reaches 16.5% in the UAE, 19.6% in Saudi Arabia, and 24.2% in Egypt, compared to 15.1% in the United States and the United Kingdom, so Almentor works to bridge this gap by providing affordable education and enable learners to achieve career development, according to the company’s statements.
Since 2016, Almentor has worked with over 950 trainers to develop over 1,000 online courses for people, businesses, and government agencies. The platform also recently launched a monthly and annual subscription system to help learners gain access to Almentor’s digital library, which contains over 700 training courses on a variety of topics, including health, humanities, technology, entrepreneurship, business administration, drama, sports, corporate communication, digital media, and more.
Second deal
Saudi Research and Media Group (SRMG) declared the launch of SRMG Ventures as its venture capital investment arm as part of its support for digital entertainment media content, in line with the Group’s transformation and growth strategy.
From seed funding to Series B, SRMG Ventures is interested in funding early-stage startups and new technologies. SRMG Ventures is focused on four key areas: media production, digital platforms, media industry technology enablers such as artificial intelligence, and interactive entertainment.
SRMG Ventures will play a critical part in the Group in empowering and supporting entrepreneurs and opening faster paths for the region’s media industry’s growth and development. SRMG Ventures will give clients immediate access to cutting-edge technologies, media talent, and content creators. Furthermore, SRMG Ventures will contribute to the Group’s growth, entry into new markets, and business diversification, a tributary to achieving actual financial returns.
SRMG Ventures has revealed its initial investments and collaborations with two promising companies.
(Telfaz11): a Saudi-based creative media studio specialising in locally relevant entertainment content, and producer of the box office hit “Sattar” and the feature film “Alkhallat+” which was one of the top ten most watched movies in Saudi Arabia on Netflix.
(VUZ): is a leading VR-enabled social media app that allows users to engage with 360o videos enabling a new level of immersive realism.
SRMG Ventures’ announcement comes at a crucial juncture in the region’s venture capital and media sectors. According to the PwC report, the Middle East and North Africa (MENA) media and entertainment industry are expected to expand by 9%, surpassing the $20 billion mark by 2026, outpacing global growth. The MENA area is experiencing a recovery in the VC investment ecosystem and regulations, with financing exceeding $3 billion in 2022, an 8.3 increase year on year, with Saudi startups accounting for $987 million, a 72% increase year on year.
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Last Updated on April 14, 2023 by Safiya K
