Corrsy Closes $500,000 Pre-Seed Investment Round to Revolutionize Education in the MENA Region
Baghdad, Iraq – 24 / 07 / 2024
Kapita is happy to announce that Corrsy, one of Iraqi Angel Investors Network (IAIN) startups, has raised $500,000 in the Pre-seed investment round. This investment marks a critical milestone in transforming education across the MENA region through innovative and engaging learning experiences.
Corrsy’s Vision and Impact
Founded in 2019 by Mustafa Salam, Corrsy aims to address educational challenges in Iraq and the wider Middle East. Mustafa’s personal experiences during the Iraq armed conflict, which included the loss of his father and displacement, inspired him to leverage technology to create a positive impact on education and society. Since its inception, Corrsy has achieved remarkable growth and impact, launching its first product in 2022. The Corrsy app, downloaded over 500,000 times by students in Iraq, integrates gamification, storytelling, and micro-learning, providing an engaging and effective learning experience.
"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 Mustafa Salam, Founder and CEO of Corrsy. "This funding will enable us to capture the largest market share in Iraq and scale our services to other markets, providing high-quality education at a cost-effective price."
Global Investor Collaboration
The investment round was led by EQ.IQ, a regional venture capital firm specializing in emerging markets, founded by our esteemed angel investor Mohamed Al-Hakim. Other notable investors include Finnish EdTech angel investor Risto Vahanen, SuperCharger Ventures EdTech accelerator based in the UK, Durubi Management Holding Company founded by Yousef Durubi, angel investor Adel Al Qahwaji from Jordan, and Pekka Hermonen from Finland. This diverse combination of investors highlights the market’s potential and the collective effort to support Corrsy’s mission.
Kapita and IAIN’s Strategic Investment
The investment has been facilitated by the Iraqi Angel Investors Network (IAIN), sponsored by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH via its project “ProDIGI ”. Mujahid Waisi, the Network Manager for the Iraqi Angel Investors Network (IAIN) , commented, “EdTech is an exciting and rapidly growing field in Iraq. We are enthusiastic about Corrsy’s potential to revolutionize education in the region and look forward to seeing increased activity and innovation in this sector.”
About Corrsy
Corrsy is a Finnish EdTech startup founded in 2019 by Mustafa Salam. The company leverages technology to provide innovative learning experiences in the MENA region, focusing on gamification, storytelling, and micro-learning through its mobile game app. With a mission to transform education and create a positive societal impact, Corrsy serves 500,000 students in Iraq and is expanding its services to other Arabic markets.
About EQ.IQ
EQ.IQ is a regional venture capital firm specializing in emerging markets. Founded by Mohamed Al-Hakim, EQ.IQ focuses on supporting innovative startups with high growth potential and significant social impact.