Egyptian email service provider Pravica raises $500k from investors including 500 Startups
Summary
Cairo-based Pravica, an email service provider (ESP) that utilises blockchain technology, has closed a pre-seed funding round of US$500,000 to help build its customer base, grow its team and add to its product. Pravica, which was known as Dmails until it rebranded in March, was founded in April of last year by Mohamed Hussein Abdou, who had noticed emails oftene lacked data security. With the funding, Pravica plans to aggressively build its customer base, expand its team, and accelerate product expansion by developing additional private communication tools. With the new funding, we hope to further expand our offering with several value-added options and grow our footprint.” Sharif El-Badawi, managing partner for MENA at 500 Startups, said the company was excited to have invested in Pravica, which he said has great potential for growth. Modus Capital managing partner Kareem Elserafi said the Pravica platform provided a new type of value-add to corporates he said was both unprecedented and in notable demand.