Tunisia-based Data Management startup Biware raises $1.2M
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The Tunisia-based data management and analysis startup Biware, has successfully raised $1.2M in their latest funding round. The Seed round was led by CDC Gestion and Zitouna Capital.
Founded in 2011, BIWARE is a Tech SMB of about 30 engineers whose mission is to support companies in creating value from their data for strategic purposes, namely, increasing revenues, optimizing costs, and reducing losses. The Tunisia-based Data startup provides verticalized solutions with SAS® and Microsoft technologies® to address business issues and assist customers in decision-making, such as customer knowledge and targeting, fraud detection and management, and demand forecasting.
Even though Data Analytics startups in MENA observed a 75% YoY decrease in number of rounds closed in 2021YTD, capital invested in these startups observed critical peaks compared to funding round in the industry in 2020; where the $5M Pre-Series B round raised by Automotive Data Aggregator and Retailer Seez ranks the highest this year to date.
This fundraising symbolizes an important milestone for the company, which already has 11 years of existence on the African and European markets, allowing it to realize its strategic development plan (2021–2026) supported and financed by the EBRD, in partnership with PROQUAL. This plan concerns the commercial and operational development, as well as the software development dedicated to Analytics and Artificial Intelligence (AI). In light of this scale investment, the Biware team highlighted in a statement “Our first customers were telecommunications operators, a sector in strong competition, where the detailed knowledge of the behavior of their customers is a strategic lever for marketing to capture, increase revenue and retain the customer. Africa’s financial and energy sectors followed suit from 2016 onwards.”
Biware has a portfolio of about fifty customers (mainly large companies) in the finance, telecommunications, retail, service, and energy sectors in the African and European markets. Through this fundraising, Biware aims to reach the size of a hundred engineers and 3 African and European branches by 2025. The Biware team concluded “In 2018, we began investing heavily in the development of digital products and accelerators around the analytical core in verticalized areas, such as finance and human capital management, to meet the emerging needs of the small and medium-sized business market segment. We are convinced that to gain competitiveness, companies must profoundly transform their organization by automating and gradually introducing artificial intelligence into their internal and external processes.”
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