Saudi-owned Alarabi Investments has become a significant minority shareholder in EdTech company, Coded Minds Limited, investing $2.7 million in the company. With this round of funding, the value of Coded Minds has reached $10.8 million, opening the doors to ambitious expansion plans.
By investing in the education sector, the Saudi investment company has opened new avenues for responsible investment in the region. UAE-based Coded Minds offers modernized project-based courses across the UAE and beyond.
Mohammad Alghaith, CEO of Alarabi Investments, called it an organic collaboration.
“It is our mandate to invest in the next generation’s disruptive businesses with mass scalability in the GCC and beyond. Education, especially iSTEAM (innovation, science, technology, engineering, arts and maths), fits perfectly in our agenda. We are excited to be part of Coded Minds’ noble agenda of spreading knowledge among the next generation around the world,” said Alghaith.
Based in Dubai International Financial Center (DIFC) since March 2018, Alarabi Investments focuses on delivering change, value and impact through investment in prospective opportunities. This investment is the company’s second, after it successfully investing in a Saudi healthcare startup powered by artificial intelligence—the first of its kind in the region.
“Investing in education will add value to our vision. It is a responsible investment not just for the company but also for the country’s future,” Alghaith added.
“We are committed to forming new education paradigms for our children, in order to equip them with the right skills and prepare them for future challenges” said Omar Farooqui, Founder and Chief Innovation Officer of Coded Minds, who is a Dubai-based Saudi national. The company is licensed by Knowledge & Human Development Authority (KHDA). The company has developed a disruptive business model and claims to change the dynamics of the education sector.
Coded Minds not only provides technology-focused and integrated courses, but is also on a mission to bring about a revolution in the education sector in the classroom and beyond through the implementation of technology and a revolutionary business model. “Learning must be continuous, enjoyable and life-long and not time bound. Whether at primary, secondary or higher education and the methodology of delivery of subject matter needs radical rethinking,” said Farooqui.
Farooqui was an investment banker for two decades before starting Coded Minds two years ago.
The collaboration is part of Coded Minds’ global expansion strategy, which this year will see the company entering Saudi Arabia, while further solidifying its UAE operations and looking to Asia and Pakistan for opportunities.