PrestaFreedom, a Moroccan startup specializing in household subscriptions and other home services for individuals, has successfully raised an impressive sum of $1M [11 million dirhams (MDH)] from Azur Innovation Fund. This significant funding will be utilized to fuel the company’s expansion and accelerate its growth at both the national and regional levels. PrestaFreedom, a wholly Moroccan startup established in 2020, has chosen to open its capital to Azur Innovation Fund, a seed public-private investment fund dedicated to supporting innovative startups in Morocco, as announced in a press release.
PrestaFreedom’s robust business model, which exhibits immense development potential, has enabled the company to secure multiple rounds of funding to fuel its various stages of growth. With this latest fundraising of approximately 11 MDH from Azur Innovation Fund, PrestaFreedom aims to enhance its logistical and technological infrastructure, aligning it with the company’s growth trajectory and the expansion of services offered to its customers.
The management’s strategic objective includes regional expansion into the major cities of Morocco and even venturing into the African market by 2024, made possible by this fresh injection of funds. Majid Benslimane, the founder and CEO of PrestaFreedom, expressed his pride in providing this growth opportunity to their partners at Azur Innovation Fund. He stated, “This marks a pivotal moment in the development of the startup I launched a few years ago to address a specific need, and today its success surpasses even the most optimistic expectations.”
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PrestaFreedom, founded in 2020, operates as a service platform offering personalized and recurring cleaning subscriptions that provide access to a wide range of services to assist individuals in their daily lives. These services include laundry, gardening, pest control, repairs, do-it-yourself tasks, pet grooming, linen recovery, swimming pool maintenance, and various courses. Customers can choose services based on their needs and preferences, enjoying complete freedom in their selection.
Following successful launch and consolidation phases, the management has set its sights on regional expansion into major cities within Morocco and aims to extend its operations to Africa by 2024. Currently, this 100% Moroccan company has nearly 1,000 recurring subscribers and has ambitious plans to increase this number tenfold in the medium term.
Majid Benslimane emphasized PrestaFreedom’s commitment to investing in the skill development of its human resources, stating, “We firmly believe in empowering our workforce by providing them with the necessary training, reflecting our dedication towards professional growth.” The company employs approximately a hundred individuals who directly engage with customers in various capacities such as surface technicians, team leaders, and supervisors. Benslimane highlighted the positive impact of PrestaFreedom’s approach, stating that these employees have transitioned from informality and precariousness to a decentralized and secure working environment, complete with social security coverage and promising career opportunities, thereby enhancing their personal and professional lives.
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In addition to its growth potential, PrestaFreedom has garnered investor interest due to its strong commitment to corporate social responsibility (CSR). The company employs around a hundred individuals who were previously part of the informal sector, providing them with a secure work environment, social security coverage, professional training programs, and career development opportunities, ensuring dignified and fulfilling careers.
Furthermore, PrestaFreedom actively seeks to make a positive impact on various communities through partnerships with organizations such as the SOS Children’s Village association, aiming to integrate orphans under their care into the company’s career and training plans. The startup has also formed a partnership with the Al Ikram association, known for its programs promoting access to education and vocational training, to recruit young individuals from disadvantaged neighborhoods in Casablanca.
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