Foursan Group, a leading Middle Eastern private equity firm, announced today that it has acquired a 49% stake in Jo Academy.
Founded in 2014, Jo Academy is the leading online private tutoring platform in Jordan. Jo Academy established its preeminent reputation by offering online supplementary courses (pre-recorded and live) to Grade 12 students enrolled in the Jordanian national program (Tawjihi). The company recently expanded its offering to service G6-11 students (national and international streams) as well as university students. In September 2021, Jo Academy celebrated servicing over 1 million students.
Shahm Al-Wir, a Partner at Foursan, commented on the transaction: “Since the outbreak of the Covid-19 pandemic, Jo Academy has substantially grown the number of students it serves and markedly expanded its range of products. We are excited to partner with a management team that cares deeply about democratizing access to affordable quality education and we look forward to further expanding the company’s educational offering and geographic footprint.”
Ala Jarrar, Founder and General Manager of Jo Academy, added: “When we established Jo Academy 7 years ago, we had one mission in mind: making high-quality education accessible to everyone. We are proud to have become the leading online education platform in Jordan. We are delighted to partner with Foursan and are eager to grow the company together domestically and regionally.
Foursan joined Jo Academy’s Board of Directors and holds two of the company’s five board seats.
This is the third investment by Foursan in its latest fund following its acquisitions of Polymedic, a leading generic pharmaceuticals manufacturer in Morocco, and Sands Academy, one of the largest K-12 schools in Jordan.