Cairo-based blockchain startup Pravica has raised an undisclosed amount from Crypto Valley Venture Capital, a Swiss blockchain specialist venture investor and incubator.
Founded in 2019 by Mohamed Abdou, Pravica aims to utilise the blockchain technology to empower user privacy and security in the communication industry, specifically messaging apps, which often record enormous amounts of data breaches.
Pravica plans to scale up its operations and continue to expand its messaging app to users through the new investment. By the end of 2021-22, Pravica aims to onboard at least 5,000 enterprises.
Olaf Hannemann, co-founder and CIO of Crypto Valley VC, said that Pravica is taking a new approach to a highly practical communication suite with ultimate privacy and security standards, enabled by the blockchain technology.
Crypto Valley’s investment focus is on global teams who build applications at the intersection of what it terms ‘Technology for Tomorrow’ (T4T) and six industry verticals, one of which is Security and Identity.
“We are reinventing digital communication protocols by utilising Stacks Blockchain and its smart contracts to engineering a tamper-proof decentralised identity that is secured by the Bitcoin network and a fully decentralised storage system,” said Mohamed Abdou, Pravica founder and CEO.
Morocco-based logistics startup Cloud Fret has received MAD3.5 million ($390,000) from Azur Innovation Fund, marking the fund’s second investment following its investment in Epicerie Verte.
Founded in 2020 by Driss Jabar, Cloud Fret is a transport and logistics startup that connects loaders and transporters. It eliminates empty returns of trucks between the two ends of the Mediterranean by using artificial intelligence technology to detect empty cargo trucks and orient them to cargo which needs to be transported.
Azur Innovation Fund is a public-private seed fund that invests in sectors such as agritech, fintech, biotech, medtech, edtech and cleantech, among others.