DUBAI/October 18: Amanat, the GCC’s largest healthcare and education investment company, said it has made AED18.4 million ($5 million) investment in Conscious Content Media (BEGiN), a US-based leading education technology company.
As part of the investment, Amanat becomes BEGiN’s principal strategic partner in the MENA region, leveraging Amanat’s deep industry expertise and unparalleled network to help drive growth in the region.
Amanat enters big league
Amanat joins world-class strategic and financial investors, such as LEGO Ventures, Sesame Workshop, Gymboree Play & Music, 3One4 Capital, Trustbridge Partners and Interlock Partners.
“BEGiN is partnering with the largest, most recognized brands in international children’s education, entertainment, and technology to reimagine the early learning journey starting with parents and children at home,” said Neal Shenoy, CEO and Co-Founder of BEGiN. The acquisition is Amanat’s first ever venture capital investment and is in line with Amanat’s strategic goals to invest in rapidly-growing education and healthcare technology players.
Dr Mohamad Hamade, CEO of Amanat, said the investment in BEGiN represents a major milestone for Amanat given the influential impact of disruptive technologies on the sectors it invests in.
“We are looking at opportunities that are changing the provision of conventional academia and healthcare and we believe there is potential for further acquisitions of this nature down the line,” he added.
BEGiN will be partnering with some of its investors for both content and distribution. Amanat will act as their principal strategic partner for the MENA region to help drive growth and business development opportunities.
Amanat H1 profit
Amanat Holdings, the GCC’s largest healthcare and education investment company a net profit of AED16.5 million for the first half (H1) of 2020 compared with AED35.1 million in the same period last year.
The company generated an adjusted total income of AED43 million for the said period, down by 32.6 per cent year on year, and an adjusted income from investments of AED37.4 million, down by 31.4 per cent.