Egyptian Startup, Pravica Raises $500,00 in a pre-seed round.

Cairo-based Pravica has raised US$500,00 in a pre-seed round, led by 500 Startups, with the participation of Modus Capital and DYRES Venture.

Pravica is an innovative platform based on blockchain technology which offers a decentralized email service.

The investment will help Pravica to build its customer base, widen its team members, and develop additional private communication tools to scale its product.

Mohamed Hussein Abdou, founder, and CEO of Pravica said, “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 achieve our short-term and long-term goals.”

“As the first Blockchain Email Service Provider in the Mena, at Pravica, our strategy is to guarantee the user, full data privacy. Developing a decentralized network on Blockchain was my passion and I have been able to successfully make that dream come true. Today, Blockstack (Software for a user-owned Internet) has enabled us to rapidly expand our client base in a very short period and helped us scale to the next level with a solid and scalable Blockchain-based infrastructure. With the new funding, we hope to further expand our offering with several, value-added options and grow our footprint”, Abdou added.

Co-Founder and CEO of Blockstack, Muneeb Ali said, “Pravica is one of the top apps built on Blockstack in 2019, not only did they get high ranks in our app mining program, but they’ve bootstrapped using the initial app mining payouts to then raise venture capital. Their approach to finding concrete business models around privacy and security stands out in the decentralized apps industry”.

Speaking on the investment, Managing Partner at 500 Startups Mena, Sharif El-Badawi said, “Running email systems on blockchain technology like that of Dmails (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”.

The startup which was first Dmail was rebranded as Pravica in March 2020. It was founded by Mohamed Hussein Abdou, a software engineer.