The edtech startup SecureMyScholarship, situated in Dubai, has raised $550,000 in a bridge fundraising round, valuing the business at $6 million. The platform helps students find scholarship options. The business plans to use the additional funding to extend its operations into India and expedite the development of its product.
Many investors participated in the investment round, including Sabban Corp Investments, a venture capital firm based in Dubai that specialises in early-stage investments throughout the GCC, and Kaustubh Wagle, Managing Director at Boston Consulting Group Middle East and Ramit Harisinghani, General Manager of the Devialet and Dyson brands at Chalhoub Group.
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With this latest investment, the business has raised a total of $1.2 million in funding. The startup claims to already be profitable in terms of cash flow and earnings before interest, taxes, depreciation, and amortisation (EBITDA).
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SecureMyScholarship launched in November 2021 and has since added 414 colleges to its platform, including almost all private universities in the United Arab Emirates, more than 220 in the United States, and more than 150 in the United Kingdom. By March 2024, the firm had awarded over $8.2 million in scholarships, assisting over 1,500 students in securing financial aid and enrolling in the colleges of their dreams across the globe.
Speaking about the demand for the startup’s services, SecureMyScholarship co-founder and CEO Craig Fernandes says that there are between 5,000 and 10,000 students visiting its website every week looking for funding options and scholarships. “Our platform is 100% free for students applying for scholarships in the UAE, and for students applying for scholarships in the USA and UK, we charge a nominal one-time subscription fee of $50,” Fernandes notes. “Aside from scholarship support, our team also helps students with loan applications, visa applications, and university application submissions.”
About SecureMyScholarship
An edtech company called SecureMyScholarship, with its headquarters in Dubai, wants to enable all students to afford and have access to higher education. They link students to our partner colleges’ guaranteed scholarships and fee waivers through their portal.
