Maqsad, a Pakistani edtech firm, revealed that it had raised $2.8 million in a seed round. The most money Maqsad has ever raised has been $4.9 million, according to a statement from the business.
According to the announcement, “the money from this fundraising round establishes the company as Pakistan’s best-funded edtech and will be utilised mainly to expand the topic offering and accelerate the tech powering the platform.
Speedinvest and previous investor Indus Valley Capital were the leaders of the seed round, which Maqsad claimed was oversubscribed. Stellar Capital, Alter Global, Johann Jenson (SVP Product at GoStudent), and other strategic angels were also participating.
According to a release, Maqsad, which was established in 2021 by Rooshan Aziz and Taha Ahmed, wants to provide 100 million Pakistani children with access to education through an end-to-end mobile learning platform that offers instruction, assessment, and problem-solving for grades 9 through 12.
According to the business, Maqsad app has been downloaded more than a million times, has responded to four million student inquiries, and has constantly placed as Pakistan’s top education app on Google Play Store.
Now a B2C-only platform, Maqsad’s long-term goal is to “embed itself across the education ecosystem,” according to the business.
The creators stated, “We have a lot of fascinating AI-based initiatives in the pipeline and are laser focused on delivering a tailored learning experience at scale.
Speedinvest, one of Europe’s biggest seed funds, said it invested in the Pakistani edtech firm because it has the potential to “touch the lives of millions of students and disrupt the education environment.” Speedinvest already has the Vienna-based edtech unicorn GoStudent in its portfolio.
Aatif Awan, the founder of Indus Valley Capital, outlined their decision to increase their investment, saying, “We initially invested in Maqsad 18 months ago, before they had a product or a team. The vision Rooshan and Taha had for Pakistani education drove us “.
“Considering that they have assembled one of the strongest startup teams in Pakistan to create a market-leading product that has benefited more than a million students, investing in Maqsad once more is a no-brainer, added Awan.