Damanesign was just launched in 2021, but nothing is stopping it from raising funds to pursue its ambition of becoming Morocco’s first independent player in digital trust.. The startup which provides digital trust solutions: electronic signature, electronic seal, time stamping, etc. raised a MAD 4 million ($446k)from Maroc Numeric Fund II.
Why Maroc Numeric Fund Invested
Morocco currently has a more flexible but sophisticated legal framework, permitting the broad use of electronic signature, electronic seal, time-stamping, and electronic certification services, according to the enactment of Law 43–20 on digital trust in December 2020.
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“The recent adoption of Law 43–20 on digital trust, opens the way to a widespread and more accessible use of various services, including electronic signature. The Covid-19 crisis has demonstrated the importance for companies, public administrations and individuals to have end-to-end dematerialized process, allowing to fluidify transactions of any nature. Our investment 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,” Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said.
Taking into account the investments made by Maroc Numeric Fund I, which is presently in the disinvestment phase, this is the 5th investment of Maroc Numeric Fund II and the 22nd investment of its management team.
Since 2010, the Maroc Numeric Fund has become the go-to investment fund for technology businesses in Morocco. The management team’s competence has resulted in the birth of various Moroccan success stories. Maroc Numeric Fund is more than a financial lever; it is a true catalyst for high-potential entrepreneurs. While serving on the boards of its portfolio firms, it acts as an active shareholder by providing guidance and monitoring of their management in addition to investing.
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A Look At What The Startup Does
Damanesign, founded in 2021 by Zouhair Hamdaoui, essentially enables businesses of all sizes and across all industries to digitize their contracting procedures. Damanesign’s technology allows users to sign and have papers signed in complete security while maintaining their probative value. Damanesign also helps businesses and organizations manage signing transactions (multiple signatories, documents, and responsibilities, for example) (users and workflows).
Damanesign digital Damanesign digital
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer