Corrsy, a Finnish edtech startup operating in MENA, raises $500,000 pre-seed

The round was led by Iraqi VC EQIQ and will be used to expand across the region

As we've previously written about, edtech is surging in the Middle East and North Africa (MENA) region: funding for edtech companies rose from $2 million in 2017 to $21 million by the end of 2019, then doubled to more than $50 million in 2021. At the same time, the number of edtech startups more than tripled from 270 in 2017 to 800.

One of the companies focusing on the region is Corrsy, a Finnish edtech startup that operates in MENA, with a focus on Iraq. The company delivers educational content through a gamified mobile application.

Founded in 2019 by Mustafa Salam, Corrsy aims to address the educational challenges in Iraq, and the wider Middle East, through the use of gamification, storytelling, and micro-learning. Its goal is to ensure that by 2030 every young person in the Middle East has access to high quality education to pass the exams to build the foundation for employment.

On its website, the company notes it chose to focus on the Middle East because of the opportunity, both in terms of where the education system currently lies, as well as smartphone penetration.

While the MENA region currently has a 34.7% passing rate for pre-college exam, with 1 out 5 children out of school, it also has the largest youngest population on earth with smartphones: currently, 69% of 41 million inhabitants are under 30 years old, with 104% smartphone adoption, and 79% internet penetration.

Salam was also inspired to found the company based on his own personal experiences during the Iraq armed conflict, where he lost his father and was displaced. 

Since its founding, the company, which launched its first product in 2022, has seen its app downloaded over 500,000 times by students in Iraq. Now, with this new funding, Corrsy plans to expand its reach and bring its educational solutions to more students across the MENA region.

"We are thrilled to have the support of esteemed investors from across the globe – including Finland, Iraq, the MENA region, the UK, and other international backers – who share our vision of transforming education in the MENA region," said Salam in a statement.

"This funding will enable us to be on the way to capturing the largest market share in Iraq and scaling our services to other markets. We aim to provide everyone with a mobile device and internet connection with high-quality education at a very cost-effective price, so they can pass national exams, learn for life, and enjoy the learning process."

(Image source: corrsy.com)