Hope Ventures Fuels Thiqa Tutoring's Growth in Beban's Latest Episode

Hope Ventures Fuels Thiqa Tutoring's Growth in Beban's Latest Episode

By Press Release, 22 February 2024

Hope Ventures, the investment arm of Hope Fund, announces its co-investment in ‘Thiqa Tutoring’ through the seventh episode of the entrepreneurship-themed reality television show and the region’s first private-public investment platform, ‘Beban.’

Through Beban, ‘Thiqa Tutoring, an edtech platform that offers tutoring services across the United Arab Emirates with a strong focus on quality supervision, end-to-end management, and personalised consultations for students co-founded by Hamdan Karmustaji and Omar Bakri, raised $300,000 from Hope Ventures alongside private sector investors Mashael Fairooz, Founder of JEO Capital, and angel investor Dr. Lamya Mahmood, who is also the CEO of Dr. Lamya Group.

As an investment firm, Hope Ventures invests in scalable businesses that are deeply rooted in their commitment to building value with forward-thinking founders who revolutionise their respective sectors. The firm offers strategic capital to accelerate the growth of its portfolio companies into new markets through its vast resources of private and public partners as well as a regional network of industry-expert mentors.

Hamdan Karmustaji, co-founder and CTO of Thiqa Tutoring, commented on their investment by saying: “Our journey with Thiqa Tutoring started modestly with a small team and significant challenges. Today, just 3 months after filming the episode, Beban (doors) opened to us with the trust of 3 investors. The excitement propelled us to where we are now, with our team exceeding 100 employees. We remember our past with love and pride; the journey has been and continues to be challenging, and we are grateful for every moment of despair and every challenge we have overcome. We are proud of our positive impact on our students and teachers. We are full of Thiqa (confidence) in continuing our role in redefining private tutoring through quality and innovation."

On his part, His Excellency Aymen bin Tawfiq Almoayed, Chairman of Hope Fund, emphasised that as the region’s first private-public investment platform, Beban provides a platform that showcases entrepreneurial talent from across the region and bridges the gap between promising entrepreneurs and investment resources, be it through strategic capital or business opportunities. This episode brings a great example with Thiqa Tutoring, an Emirati EdTech platform, successfully fundraising from three investors, including experts in the education sector. - this infusion of capital and expertise will serve as a catalyst for their expansion and further success in the market, exemplifying the power of private-public partnerships in driving entrepreneurial growth within the region.

Khalifa Fund for Enterprise Development (KFED) has partnered with Beban as the Emirati Country Partner. The Chief Executive Officer of KFED, Her Excellency Alia Abdulla AlMazrouei, commented on the occasion: “We are thrilled to announce our high expectations for the participation of Khalifa Fund entrepreneurs. This collaboration not only showcases our commitment to innovation but also underscores our belief in the immense potential of our local business community. Throughout this season, we proudly introduced five nominated projects by Emirati entrepreneurs, each representing the epitome of visionary thinking. These outstanding innovators from the UAE progressed to showcase their ventures to a distinguished panel of regional investors on television, captivating millions of viewers. We look forward to seeing our entrepreneurs' sustained success and expansion of this esteemed platform.”

It is noteworthy to mention that the Beban TV show is the region’s first private-public investment platform through its partnerships with the Khalifa Fund for Enterprise Development (UAE), the SME Development Authority (Oman), GFH Capital (KSA), Zain Kuwait and the Sabah Al Ahmad Center for Giftedness and Creativity (Kuwait), and the Labor Fund Tamkeen (Bahrain).

Beban season 3 was filmed in the Middle East’s newest exhibition and convention centre, Exhibition World Bahrain (EWB), and showcases 41 businesses from across the MENA region as they pitch in front of a panel of regional, reputable investors for equity investment and strategic business development opportunities that can accelerate the growth of these businesses into new markets.

A new episode of Beban will air every Wednesday of this month. You can watch the next episode airing on February 21st, 2024, on Bahrain TV at 6 PM (+3GMT), Oman TV Cultural at 9:10 PM (+3GMT), AlRai TV at 9:30 PM (+3GMT), SBC Channel at 10 PM (+3GMT), Saturday at 5:30 PM (+3GMT) on Abu Dhabi TV, or anytime on Shahid.


Send us your press releases to shareyournews@lucidityinsights.com

Related Report

Dubai's Venture Capital Ecosystem

There are 749 scale-ups that have raised over US $1 million in fundraising in the Middle East and North Africa region; collectively raising over US $19.5 billion, cumulatively, as of December 2022. Over 40% of these scale-ups call Dubai home.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems