Egypt’s Pravica Secures $500k in Round Led by 500 Startups

• Cairo-based startup Pravica has landed a $500,000 funding in a pre-seed round.
• The fund was led the region’s most active venture capital firm, 500 Startups, with the participation of Modus Capital and Dyres Ventures.
• This new funding will enable Pravica to build its customer base, expand its team, and accelerate product expansion by developing additional private communication tools.

Cairo-based startup Pravica has landed a $500,000 funding in a pre-seed round.

The fund was led the region’s most active venture capital firm, 500 Startups, with the participation of Modus Capital, a risk management company with offices in the US and Egypt, and Dyres Ventures.

The Egyptian web 3.0 Email Service Provider (ESP) which uses blockchain technology, was founded in April last year by Mohamed Hussein Abdou. The startup was previously known as Dmails until a rebrand in March this year.

Last week, Modus Capital said in an announcement on its blog that Pravica would use the investment to grow its customer base, expand its team and create additional private communication tools to further improve its product.

Abdou said the startup strives to ensure complete privacy of the user’s data. “Developing a decentralised network on blockchain was my passion, and I have been able to successfully make that dream come true,” he added in the statement by Pravica.

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“With the new funding, we hope to further expand our offering with several value-added options and grow our footprint,” Abdou added.

Using Blockstack, a software for a user-owned internet, Pravica has been able to grow its customer base exponentially in a very short time.

Pravica is one of the top apps built on Blockstack in 2019, said the  Co-Founder and CEO of Blockstack Muneeb Ali

With this new funding, Pravica will be able to build its customer base, expand its team, and accelerate product expansion by developing additional private communication tools.

Founder and CEO of Pravica Mohamed Hussein Abdou said the company is the first Blockchain Email Service Provider in the Middle East and North Africa (MENA) region.

A recent report by Magnitt shows the growing influence of Egypt in the MENA region, with startups from the North African country contributing at least 21 percent (50 deals) of all 238 deals the region has reported. Of the sum revealed in form of these transactions, Egyptian companies raised 12 per cent ($56 million). It’s no surprise; thus, Egypt is one of Africa’s top Five startup markets.