Egypt’s Pravica raises $500k in round led by 500 Startups

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

The round was led by 500 Startups, with the participation from Modus Capital, a venture capital (VC) company with offices in the US and Egypt, and Dyres Ventures.

The Egyptian 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.

In an announcement on its blog last week, Modus Capital said Pravica will use the investment to build its customer base, expand its team, and develop additional private communication tools to further enhance its product.

Pravica was previously known as Dmails until a rebrand in March

Abdou said the startup aims to guarantee the user full data privacy. “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.

Using Blockstack, a software for a user-owned internet, Pravica was able to rapidly expand their client base in a very short period of time.

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

Featured image: Pravica founder Mohamed Hussein Abdou (Facebook)