Pakistan’s edtech platform, Maqsad, a mobile-only online learning startup in Pakistan, secures $2.8 million in a seed funding round. The company previously raised $2.1 million in a pre-seed round in September 2021. The most recent financing brings Maqsad’s total capital to $4.9 million.
It is reported that the seed round was oversubscribed. Speedinvest and previous investor Indus Valley Capital were the lead investors. Stellar Capital, Alter Global, Johann Jenson (SVP Product at GoStudent), and other strategic angels also participated, according to a release by Maqsad.
The edtech plans to use the most recent financing to increase the range of subjects it offers and “supercharge the tech” underpinning the platform.
Taha Ahmed and Rooshan Aziz established Maqsad in 2021; it is a mobile-only learning platform that offers Pakistani students individualized learning and academic content.
Maqsad offers short lecture videos to its students. Through in-app lecture videos which are engaging, easy to follow, Maqsad makes content according to the different local examination boards in Pakistan.
Maqsad offers in-depth video solutions. The online learning platform offers thousands of in-depth video solutions to to academic questions, problems and past papers to prepare students for exams.
Maqsad changes the way you learn with local examples, engaging animations, and instant video solutions making learning interactive and fun for the students.
Even though it Maqsad is only a B2C (Business to Customer) network right now, edtech plans to integrate into the entire educational ecosystem for more coverage and to facilitate students from all regions of Pakistan. The business claimed that it has already attracted interest for possible partnerships from both public and private sector institutions.
The founders of Maqsad were quoted as saying, “We’re laser-focused on providing a personalized learning experience at scale and have a number of exciting AI-based initiatives in the pipeline.
The startup wants to profit from Pakistan’s expanding education market, which “presents a substantial opportunity, with a forecasted annual spend of $37 billion by 2032,”
The company’s incoming investor Speedinvest, one of Europe’s biggest seed funds and owner of Vienna-based GoStudent, an edtech unicorn, is still optimistic about its future.
According to Philip Specht, partner at Speedinvest, “Maqsad is on track to be one of the most successful businesses in Pakistan.” We invested in it because we think it has the potential to impact the lives of millions of students and disrupt the educational environment.
Aatif Awan, the creator of returning investor Indus Valley Capital, gave this explanation as to why they increased their investment: “We first invested in Maqsad 18 months ago, before they had a product or a team.