Eduba: A Successful Exit

In 2017, edtech wasn’t as prevalent in the MENA region as it is now, particularly in Iraq. There was an opportunity for school administrators, parents, teachers and students to utilize technology in their day to day operations but it was yet to be the norm. Azad Hasan, an Iraqi entrepreneur and doctor, saw a potential in this field and founded Eduba in 2018.

Fittingly named after Mesopotamian schools, the Eduba app offers educational institutions learning management systems, secure payment portals, and safe ride-hailing services for students. Despite limited resources and a challenging entrepreneurial ecosystem in Iraq at the time, Eduba has grown into a success story. A key factor in this success was Jusoor’s Startup Roadshow program, which empowered Eduba to scale, thrive during the COVID-19 pandemic, and ultimately exit through an acquisition.

When Azad founded Eduba, Iraq's startup ecosystem was underdeveloped. Access to investment was limited, internet infrastructure was weak, and there were few resources available for entrepreneurs.

“It was extremely difficult at first. I was in the US, studying, while my team was back in Iraq. The challenges were not just in terms of time zones, but also in finding the right technologies and support,” Azad recalls.

Jusoor’s Startup Roadshow: A Game-Changer

In 2020, Eduba was selected for Jusoor’s Startup Roadshow, an intensive online program designed to help startups in the MENA region build their capacity and connect with key investors and mentors. Jusoor’s program provided Eduba with crucial business training and mentorship, helping them refine their business model and prepare for investment.

“Jusoor gave us more than just mentorship; they provided us with a sense of direction. The networking, the mentorship, and even the follow-up after the program were crucial to our success. They didn’t just help us with the business model but also taught us how to approach investors seriously,” Azad explains.

Jusoor’s ongoing support, including connecting Eduba with industry experts and offering strategic advice, distinguished the program from others, Azad asserted. This network and continuous guidance played a critical role in helping Eduba navigate the challenges it faced.

Growth During COVID-19

The pandemic proved to be a turning point for Eduba. With schools and universities worldwide shifting to online learning, the demand for edtech solutions skyrocketed. Eduba saw a remarkable 700% growth in both user acquisition and revenue during the COVID-19 lockdowns.

“Once the entire education system was moving online, we were ready to meet the demand. The growth we experienced during the lockdowns was nothing short of incredible. It gave us the momentum to scale quickly,” says Azad.

This explosive growth created an ideal opportunity for Eduba to position itself in the competitive edtech market, and Jusoor’s accelerator had helped them develop the business acumen to attract potential investors.

In 2022, Eduba received accreditation from the Iraqi Ministry of Education, granting access to more than 25,000 educational institutions across the country.

The Exit: A Reward for Hard Work

After completing the Jusoor program, Eduba was able to attract the attention of investors who were interested in educational technology. These investors acquired the company, allowing Azad and his team to exit successfully.

“The acquisition was the culmination of years of hard work, but it was also the result of the foundation we built with Jusoor’s help. The guidance, mentorship, and resources they provided us were instrumental in positioning Eduba for success,” Azad reflects.

Eduba’s exit is a testament to the startup’s resilience and Jusoor’s role in nurturing its growth. Without Jusoor’s mentorship and network, securing the right investors and reaching this level of success would have been much more difficult.

A Changing Entrepreneurial Landscape

Eduba’s success story mirrors the transformation of Iraq’s entrepreneurial landscape. What once was a challenging environment for startups is now becoming a more vibrant and competitive ecosystem with better infrastructure and more opportunities.

“The entrepreneurial landscape in Iraq has completely changed from when we started. Now, there are more resources, more competition, and more opportunities. It’s an exciting time for startups in the region,” Azad concludes.

Eduba’s journey illustrates the power of mentorship, networking, and strategic support. With Jusoor’s help, Eduba was able to scale rapidly, weather the storm of a global pandemic, and secure a successful exit. This success story shows that, with the right resources and guidance, startups can thrive even in challenging environments.