The EdTech platform, Lumofy, announces that it had successfully closed a funding round of $500,000, led by several investors, including Hope Fund, JEO Capital Management, and the two angel investors, Yaser Alghamdi and Abdulrahman Al Jiffry.
Ahmed Faraj, Founder and CEO of the company, said: ” This investment will enable us to take important steps impacting the modern technology and EdTech industry. it will allow us to reinforce our growth significantly during the upcoming period to expand the business regionally and globally while ensuring sustainable growth.”
Established in 2020, Lumofy helps organizations deploy the competency-based learning platform to map competencies, assess skills, accelerate personal development, and aligning the learning and development with the organization’s strategic priorities. Lumofy prides itself on offering edua data-backed digital learning platform with a unique methodology and approved scientific approach that resonates with the new world of work.
Hope Ventures General Manager, Fajer Alpachachi, reflected on the funds’ first growth investment, saying: “Lumofy uses proprietary technology to solve a challenge that all large corporations face providing employees with targeted training based on individual needs. Lumofy team has been able to solve an ongoing problem and have proven the platforms’ effectiveness through their impressive portfolio of clients. By co-investing in Lumofy alongside the private sector, we trust that we will be able to jointly support in the acceleration of the business.”
Ms. Mashael Isa Fairooz, Founding Partner at JEO Capital Management added: “It’s an honor to have such an opportunity to be able to invest in the capabilities of talented entrepreneurs and I am always keen to encourage them by using my field experience to facilitate their market penetration all while directing their company toward its strategic goals. One major aspect captured me through “Beban” show which is exceptionally creative Bahraini youth full of ambition and I strongly saw in “Lumofy” team, a vision which is enriched by high passion and strong determination to achieve their goals. That does indicate a promising future for the Kingdom of Bahrain; hence, doors will always be opened to create greater opportunities for sustainable development.”
Lumofy team has achieved growth in the region through partnering with leading governmental and private organizations. Furthermore, Lumofy was recognized as one of the 50 most promising EdTech Startups in the Digital Training industry on HolonIQ’s annual list in the Middle East and North Africa. It was also recognized by GITEX as one of the Top 10 international scale-up startups. Lumofy always relies on youth capabilities to support the EdTech industry’s future vision in the Kingdom of Bahrain and abroad through continuous development.
Lumofy is keen on growing the number of learners on its platform by ten times, all while expecting to expand toward new countries in 2022.