Cairo-based Web 3.0 Email Service Provider (ESP) Pravica, formerly known as Dmails, announced the successful closure of its pre-seed round late last month. The round was led by MENA’s most active venture capital fund, 500 Startups, with significant contributions coming from Modus Capital and DYRES Ventures.
With that success, Pravica has now added fresh capital worth $500,000 to its net valuation.
For those out of the loop, Pravica’s proprietary platform deploys blockchain technology to induce a hint of decentralization and full-transparency in the way it operates.
The success of the pre-seed round has now furthered the startup’s ongoing efforts to build a loyal customer base, expand the team, and grow its product portfolio to include sophisticated private 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 achieve our short-term and long-term goals,” said Mohamed Abdou, Founder and CEO of Pravica.
Launched in April 2019, Pravica happens to be the first blockchain Email Service Provider in the MENA.
Commenting on Dyres Ventures’ decision to participate in the startup’s pre-seed round, managing partner Mahmoud Tawfik noted: “We consider Pravica as a visionary startup promoting security and privacy by design in the WEB 3.0 era with a real added value to the Blockchain ecosystem.”
