The CDG Group’s investment arm, CDG Invest, has provided Nessiam, an inclusive lingerie tech startup based in Morocco, with an equity financing of 3 million Dirhams (USD306,000) under the 212 Founders program. Nessiam benefited from local support as part of this investment, with the purpose of establishing its leadership on the Moroccan market and achieving its strategic objectives, which began with increasing its position on the Moroccan market and expanding in the MENA region.
The money will allow Nessiam to become a benchmark brand in the MENA region and establish other product lines such as swimwear, accessories, and so on for the forthcoming summer season.
Why The Investor Invested
Nessiam was able to receive the finance through participation in the third edition of the 212 Founders program.
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“Nessiam has demonstrated resilience and inventiveness in democratizing an ethical brand in a fashion market dominated by fast fashion businesses. We won this challenge by incorporating technology into the project’s DNA, such as a digitalized sales process, user experience, marketing, community interactions, and so on. We were honored to assist them in developing a strong brand on Moroccan soil and allowing them to take the initial steps in the MENA area. Following the lifting, we will make every effort to make Nessiam a prominent player in the region’s Fashion Tech,” Youssef Mamou, Director of the 212 Founders Program — CDG Invest, said.
Following the completion of this latest round of investment, the 212 Founders program will have completed 12 Seed and Series A financing totaling 57 million Dirhams ($5.8 million) since 2019.
A Look At What The Startup Does
The Nessiam, which was founded in 2021 by Mohammed Damiri and Hamza Aouadi was inspired by a simple observation that the majority of Moroccan consumers have a genuine need for high-quality underwear in all sizes at an affordable price.
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The Nessiam brand offers a comprehensive and specialized selection of products to meet the needs of all women. Essentially, the startup provides women with fashionable, high-quality products at reasonable costs.
“Through Nessiam, Hamza Aouadi and I hope to do more than just meet a market demand by offering products to our consumers at lower pricing. We also want to give ALL women a voice through our collections. This vision has become a reality thanks to the support of 212 Founders, who have enabled us to establish a brand that pursue our beliefs,” Mohammed Damiri, Co-Founder of Nessiam, said .
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh