Egyptian blockchain-based startup, Pravica, raises $500k in pre-seed funding round

Egyptian blockchain-based startup, Pravica, announced that it has raised $500k in pre-seed funding round led by 500 Startups. and joined by Modus Capital and DYRES Venture.

Founded in April 2019 by Mohamed Hussein Abdou, Pravica (formerly known as Dmails) intends to aggressively build its customer base, expand its team, and accelerate product expansion by developing additional private communication tools, with this funds.

Abdou successfully developed an innovative platform based on blockchain technology which guarantees the highest security standards for corporates communicating via emails and other communication tools.

“We are excited to have such strong investors who recognize Pravica’s early achievements, are confident in our growth potential, and actively support our vision and values. We look forward to working closely with them and achieving our short-term and long-term goals,” Abdou said.

“As the first blockchain ESP in the MENA region, at Pravica, our strategy is 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. 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. 

“Running email systems on blockchain technology like that of Pravica is becoming increasingly imperative to ensure data privacy and security. As Mohamed and his team work to deepen their platform capabilities, we look forward to supporting them as they cement their position as leaders in this blockchain space,” he said.