December 14 (SeeNews) - Bulgarian venture capital fund Webit Investment Network [BUL:WIN] said on Thursday that it has backed iSchool, a Middle East-focused online coding platform for school-aged kids, which is forecast to generate revenue in excess of 3 million US dollars (2.8 million euro) next year.
In its stock exchange filing, Webit did not provide financial details on the size of its investment, which is the company's fourth so far.
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Egypt-based iSchool, which has 500 employees, has doubled its growth rate this year compared to 2022. The platform offers technology courses for students from 6 to 18 years old.
iSchool is close to announcing its first deal with an unnamed government to provide online education for 10,000 schoolchildren, Webit said. The start-up, founded in 2018, is also nearing the deployment of an AI-powered learning tool, allowing the teaching process to be tailored to individual needs. Webit's investment in iSchool was the result of the edtech reaching the final of the Founders Games 2022, an annual business accelerator event by the Webit Foundation.
Earlier this week, Webit Investment Network announced that it has invested an unspecified amount in Nevada, US-based start-up CH4 Global, which patented a food supplement that reduces methane emitted from cows by up to 90% and raises the meat and milk production by 10% to 15%.
As at 1202 CET, shares in Webit Investment Network traded up 1.99% at 0.77 levs ($0.42/0.39 euro).
($ = 0.9163 euro)