Dounia Boumehdi - Afrikan Heroes

Newly Launched Moroccan Digital Trust Startup, Damanesign, Raises $446k From Maroc Numeric Fund

July 7, 2021

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.

*Dounia Boumehdi, Managing Director of MITC Capital*

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.

“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.

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

Why African Startup Founders Incorporate Their Startups In Foreign Countries

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.
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Edtech KoolSkools Raises Over $400,000 to Digitalise Schools in Morocco

July 15, 2020

With the negative impact of Covis-19 on education, a Casablanca-based edtech startup, KoolSkools has raised over $416,000 from MITC Capital’s Maroc Numeric Fund II and an angel investor to fill the gap created by lack of access to ICT and digitalization of education in the country. The Moroccan startup announced in a statement today that about $310,000 of the capital came from Maroc Numeric Fund II and the rest from the undisclosed angel investor. It is the second investment by Maroc Numeric Fund II in less than a week. They had announced their $400,000 investment in Moroccan fintech OnePay today.

Founded earlier this year, KoolSkools is an online learning platform that enables schools to digitalize their courses and exercises, create a content bank, and deliver live courses. The platform also enables schools to manage their operations including student records, attendance, report cards, communication with parents, and payments. The startup claims to have 30 schools with close to 20,000 students and over 700 teachers using its platform in different cities of Morocco including Casablanca, Rabat, Marrakech, Fez, & Agadir. KoolSkools aims to cover the entire country and help schools all over Morocco go digital. It wants to reach at least 100,000 students in 2-3 years.

The statement explained that KoolSkool will invest the entire capital in Morocco – primarily to acquire tech, marketing, and commercial talent for serving a large network of schools and students. Dounia Boumehdi, Managing Director of MITC Capital, explaining that Covid-19 has reinforced how important edtech platforms will be for education, said, “We are proud to support KoolSkools in its mission to become a complete tech platform for schools.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry