Pravica, a B2B communication startup based in Cairo, has secured a direct investment from Crypto Valley Venture Capital (CV VC), a blockchain-focused venture capital firm. Pravica uses blockchain technology to provide users with greater privacy and security when communicating.
The funding came ahead of Stacks Accelerator’s first cohort demo day, where Pravica was one of 25 startups shortlisted. Pravica is well positioned to scale its operations and continue to increase the reach of its messaging software to all users.
Pravica is a revolutionary communication tool, specifically messaging apps for enterprises, where the most popular communication apps throughout the world record data breaches. Pravica plans to onboard over 5,000 businesses by the end of FY 2022, with an average of 500,000 customers. The app is built on Blockchain and protected by a blockchain design that gives unrivaled privacy and security, revolutionizing the encrypted communication market.
CV VC is a venture capital firm that invests in cutting-edge blockchain technologies. It focuses on worldwide teams developing solutions at the convergence of six business verticals, including Security & Identity, that it refers to as “Technology for Tomorrow” (T4T).
Olaf Hannemann, CV VC’s CIO and co-founder, expressed happiness in Pravica’s “new approach to a highly practical communication suite with ultimate privacy and security standards, enabled by Blockchain technology,” according to the press announcement.
Pravica’s CEO, Mohamed Abdou, stated that the company is “reinventing digital communication protocols by utilizing Stacks Blockchain and its smart contracts” with the intent of “engineering a tamper-proof decentralized identity” secured on the Bitcoin network as a fully decentralized storage system.