Wednesday July 24th, 2024
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Morocco’s Damanesign Locks in $450K Investment

The digital trust solutions startup seeks to hone its digital products and develop operations.

Startup Scene

Morocco’s Damanesign Locks in $450K Investment

Morocco-based Damanesign digital trust solutions has secured $450,000 in investments in a round led by Maroc Numeric Fund II. It becomes the 5th investment of the fund and the 22nd investment of its management team at MITC Capital.

With the constant evolution of digital solutions for legal frameworks, startups in emerging venture markets have been keen to secure the safety of transactions through digital and tech solutions.

Founded as recently as 2021 by Zouhair Hamdaoui, Damanesign aims to seize upon new legislative opportunities to provide users with airtight safety for documentation through electronic signatures, seals, and timestamps.

Dounia Boumehdi, Managing Director of MITC Capital, said "the recent adoption of Law 43-20 on digital trust, opens the way to widespread and more accessible use of various services, including electronic signature.”

She elaborated by saying how “the COVID-19 crisis has demonstrated the importance for companies, public administrations, and individuals to have end-to-end dematerialised processes, allowing to fluidify transactions of any nature.”

“Our investment,” she explained, “is part of this approach to democratize digital trust services by enabling companies of all sizes to take full advantage of the services and ergonomics of Damanesign.”

This round comes as a pivot point for Damanesign as the startup benefits from its newly-acquired funding to hone digital products and develop operations.