Thursday 25 April 2024

Hamdan Karmustaji

Hope Ventures co-invests in ‘Thiqa Tutoring’ through Beban

MANAMA, February 19, 2024

Hope Ventures, the investment arm of Hope Fund, has announced its co-investment in ‘Thiqa Tutoring’ through the seventh episode of the entrepreneurship-themed reality television show ‘Beban.’
Through Beban, ‘Thiqa Tutoring, an EdTech platform that offers tutoring services across the UAE with a strong focus on quality supervision, end-to-end management, and personalised consultations for students co-founded by Hamdan Karmustaji and Omar Bakri, fundraised $300k 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 to new markets through its vast resources of private and public partners as well as a regional network of industry-expert mentors.
Small team
Karmustaji commented: “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."
Aymen bin Tawfiq Almoayed, Chairman of Hope Fund, said 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. 
As a catalyst
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. Chief Executive Officer of KFED, Alia Abdulla AlMazrouei, commented: “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.”--TradeArabia News Service


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