The startup hopes to change the way consumers learn about and book cosmetics treatments in the MENA region whilst tapping into the region’s projected $2.2 billion of value.
Cairo-based blockchain startup, Pravica, has received an undisclosed direct investment from Crypto Valley Venture Capital (CV VC), the leading Swiss venture capital firm and incubator specialising in global blockchain business investment.
Founded in 2019 by Mohamed Hussein Abdou, Pravica’s business model involves using blockchain technology to provide better online security in the communication industry, specifically messaging apps, where regular data breaches cause colossal problems for businesses and individuals alike. “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 & CEO.
The latest investment from CV VC will be used to expand Pravica’s messaging app to more users, with a goal to bring onboard 5000+ enterprises with approximately 500,000 users combined by the end of FY 2022.
CV VC announced its investment in Pravica ahead of the first cohort demo day of Stacks Accelerator, the incubator supporting global tech startups building business with the Stacks Blockchain, in New York.
CV VC’s investment focus is on global teams who build applications at the intersection of ‘Technology for Tomorrow’ (T4T) and six industry verticals, one of which is Security & Identity. For Pravica, they believe in privacy as a human right and seek to further the decentralisation of systems to improve efficiency and security and boost confidence in the ecosystem.