Egyptian blockchain startup Pravica raises funding to scale operations
Cairo-based startup Pravica, a communication platform using blockchain technology to empower user privacy and security, has secured an undisclosed investment for a Swiss VC firm to help it scale operations.
Founded in 2019 by Mohamed Abdou, Pravica utilises blockchain 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.
The startup has raised an undisclosed direct investment from the Swiss venture capital firm and incubator Crypto Valley Venture Capital (CV VC), with which it plans to scale up its operations and continue to expand its messaging app to users.
By the end of the 2022 financial year, Pravica aims to onboard more than 5,000 enterprises with an average of 500,000 users combined.
“We are reinventing digital communication protocols by utilising Stacks Blockchain and its smart contracts to engineer a tamper-proof decentralised identity that is secured by the Bitcoin network and a fully decentralised storage system,” said Mohamed Abdou, Pravica founder and chief executive officer (CEO).
“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,” said Olaf Hannemann, co-founder and chief investment officer (CIO) of CV VC.
Pravica raised a pre-seed funding round worth US$500,000 in 2020, from investors including 500 Startups.
