Dubai-based edtech platform SecureMyScholarship recently secured $550,000 in bridge funding, pushing its valuation to $6 million. The majority of the funding will be used to ramp up product development and expand its operations into India.
Several notable investors participated in this round, including Kaustubh Wagle from Boston Consulting Group Middle East, Ramit Harisinghani from Chalhoub Group, and Sabban Corp Investments. With this injection, SecureMyScholarship’s total funding is $1.2 million. Impressively, the startup is already generating positive cash flow and EBITDA.
Since its inception in November 2021, SecureMyScholarship has grown its university network to encompass 414 institutions globally, disbursing over $8.2 million in scholarships to date. CEO Craig Fernandes notes a steady stream of 5,000 to 10,000 weekly visitors seeking funding options on their platform. While the service is free for UAE students, a nominal subscription fee of $50 applies to those in the USA and UK.
Fernandes envisions further growth, aiming to connect students with $100 million in scholarships. He emphasizes the platform’s adaptability to evolving trends in higher education, foreseeing continued demand for quality education, rising tuition costs, and declining online learning post-COVID-19.
Reflecting on fundraising lessons, Fernandes underscores authenticity and resilience, advising entrepreneurs to prioritize monetization over fundraising, particularly in the UAE market. He stresses the importance of early geographic expansion planning and assembling a dedicated team aligned with the startup’s mission, even amidst challenges.
