Moroccan edtech platform Koolskools has raised MAD 4 million (over $416,000) from MITC Capital’s Maroc Numeric Fund II and an angel investor, the company has announced recently.
According to a statement from the company, the Casablanca-based startup received MAD 3 million from Maroc Numeric Fund II (MNF II) and the rest MAD 1 million from the undisclosed angel investor.
Founded in 2020, Koolskools is an online learning platform that offers everything related to school in digital version. It enables schools to digitize their courses and exercises, create a content bank, and deliver live courses. The platform also offers digital management of the school’s day-to-day operations, including student records, attendance, report cards, payment management, parent communication, etc.
Koolskools aims to democratize access to quality learning content and close monitoring for all Moroccan students regardless of their social level. The startup claims to currently have more than 30 schools with close to 20,000 students and over 700 teachers across various cities of Morocco including Ouarzazate, Agadir, Marrakech, El Jedida, Casablanca, Rabat, Fez, and Meknes. It aims to cover the entire country and help schools all over Morocco go digital and reach at least 100,000 students in two to three years.
The startup plans to invest the entire newly raised capital in Morocco. It said that the fund will enable the company to acquire technical, marketing, and commercial resources to serve a large network of schools and students.
Commenting on the investment, Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said,
“The fund management team is proud to support Koolskools project, which is intended to be a complete technological platform for schools, and whose positioning has been fully confirmed during the COVID-19 crisis.”
Needless to mention, this is said to be the second investment of the new fund Maroc Numeric Fund II and the 19th investment of its management team. The first Maroc Numeric Fund I is said to be now in a divestment phase. Maroc Numeric Fund II is an institutional fund dedicated to financing Moroccan technology startups with high growth potential.
Koolskools is developed by EdAll, a Moroccan edtech startup created in 2020 with the mission to become a key player in the digitalization of education in Morocco and abroad.