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The Egypt-based Blockhain Tech startup and communication platform Pravica, has successfully raised an undisclosed amount in a round led by Crypto Valley Venture Capital (CV VC). The round highlights Pravica’s pioneering position in integrated Blockchain technology to elevate cybersecurity amongst platforms.
Founded in 2019 by Mohamed Abdou, Pravica aims to utilize blockchain technology to empower user privacy and security in the communication industry, specifically messaging apps, where enormous amounts of data breaches are recorded by some of the most popular communication apps worldwide. Having been launch funded by initial investors 500 Startups (now 500 Global) and Modus Capital, the Egypt-based Tech startup now adds US-based blockchain venture CV VC, the incubator of global tech disruptors driving the fourth industrial revolution, as a new strategic partner in its investor deck.
Driven by a 59% YoY increase in amount of funding and an 11% increase in number of deals closed by Egypt-based startups, the Egypt startup ecosystem ranks the 3rd-most funded and 2nd-most active ecosystem in MENA. Accordingly, Egypt has been a hub for innovative solutions across industries like FinTech with MNT-Halan, IoT with Sotech, and D&L with Trella.
Pravica set forth to integrate a full suite of Blockchain technologies to tackle the challenges in privacy and cybersecurity amongst messaging platforms, of which the most famous have been observing numerous data breaches. The Pravica app is built on Blockchain, secured by Bitcoin design, providing unparalleled privacy and security thereby changing the encrypted communication industry. Commenting on this latest investment that highlights their journey Mohamed Abdou, Pravica Founder & CEO stated “We are reinventing digital communication protocols by utilizing Stacks Blockchain and its smart contracts to engineering a tamper-proof decentralized identity that is secured by the Bitcoin network and a fully decentralized storage system.”
With this latest investment, Pravica is now in a strong position to scale up its operations and to continue to expand its messaging app to users. By the end of FY 2022, Pravica aims to onboard 5000+ enterprises with an average of 500,000 users combined. Commenting on the investment and Pravica’s growth potential, Co-founder and CIO of CV VC Olaf Hannemann concluded “We are excited by the vision Pravica has developed towards taking a new approach to a highly practical communication suite with ultimate privacy and security standards, enabled by Blockchain technology.”
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