“Amanat” invests 18.4 million dirhams in an American educational technology company

“Amanat” invests 18.4 million dirhams in an American educational technology company
“Amanat” invests 18.4 million dirhams in an American educational technology company
Amanat Holding Company PJSC (“Amanat” or “The Company”), the largest investment company in the health care and education sectors in the Gulf Cooperation Council countries, today announced that it has invested 18.4 million Emirati dirhams (5 million US dollars) in the company ( BEGiN), an American educational technology leader who established the outstanding early education program HOMER as part of the Series C investment round.

In a statement to the Financial Market today, the company stated that BEGiN focuses on early education stages through an effective and distinct platform targeting children between the ages of 2 and 8 years.

The company indicated that, through this investment, Amanat has become the main strategic partner for BEGiN in the MENA region, taking advantage of Amanat’s deep experience in this field in addition to its distinctive and supportive network in driving growth in the region.

Amanat joined elite international financial and strategic investors such as LEGO Ventures, Sesame Workshop, Gymboree Play & Music, 3One4 Capital, Trustbridge Partners and Interlock Partners. “BEGiN is partnering with major internationally recognized brands in early education, entertainment and technology to reshape the early learning journey, starting with the presence of parents and children at home. We are looking forward to our strategic partnership with Amanat to expand throughout the region supported by its strong position in the education sector. ” This is what was said by Mr. Neil Chioni, CEO and co-founder of BEGiN.

This acquisition is considered the first investment in venture capital investments of Amanat and is in line with its strategic objectives of investing in growing education and health technology companies that have an attractive business model, strong management team, regional growth and a clear vision towards achieving profitability in the short and medium term. Moreover, this investment reflects Amanat’s commitment to play a key role in education and health technology in the region, the necessity of which emerged after the outbreak of the Covid-19 pandemic.

Commenting on this, Mohamed Hamada, CEO of the company, said: “Our investment in BEGiN represents an important step for Amanat, given the profound impact of such innovative technology on the sectors in which we invest. We believe that this is the right time to invest in education and health technology to step up our investment portfolio and to establish trusts as a strategic partner in the region with influencers in this field. We are actively looking for opportunities that will transform the delivery of traditional educational and health services and believe there are more similar acquisition opportunities. This investment falls within the scope of our investment policy aimed at establishing and entering into partnerships with leading international companies whose business model can be transferred to the region and that would create value and a source of rapid development and competitive differentiation from others.

And early this month, BEGiN launched its first comprehensive early education program, HOMER Learn & Grow. The program has contributed to the expansion of the award-winning reading program for more subjects such as mathematics, innovation, social communication skills, and creative and critical analysis, which will provide educational experiences through electronic, physical, or physical media.

BEGiN will share content and distribution with some of its investors with the help of regional partners, including Amanat, being the strategic partner in the MENA region, drawing on the expertise of Amanat to lead the development and cooperation in the region.

The company indicated in a separate statement to the market that the financial impact of the purchase will appear in the fourth fiscal quarter of the fiscal year 2020.

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