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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).

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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.
He is also an award-winning writer

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

Moroccan Fintech Startup OnePay Raises $409k From Maroc Numeric Fund II

July 9, 2020

OnePay, a Moroccan fintech that operates as a distributor of means of payment and aggregator of payment and value-added services in electronic transactions has raised a MAD 4 million ($409,000) investment from Maroc Numeric Fund II. The startup plans to invest the fund in its operations in Morocco.

*Mrs. Dounia Boumehdi, Managing Director of MITC Capital*

Here Is What You Need To Know

The Moroccan OnePay ’s latest investment is the result of a co-investment between the MNF II fund and SisPay S.A., an expert in the development of banking and private payment solutions and value-added services.
Its unique integrated platform ”SISWIN”, which encompasses in a single homogeneous and harmonized platform the payment tools, management of virtual cards, Mobile Wallets (with all its components) and value-added services (loyalty, oil payment systems, phone top-up, discount card, virtual gift vouchers, etc…), is now installed in several major accounts in Morocco and Africa.
They will enable the company to invest in technical, marketing and commercial resources in order to extend its network to a large number of users.

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Why The Investor Invested

Maroc Numeric Fund is since 2010, the reference investment fund in technology startups in Morocco. The expertise accumulated by its management team has led to the emergence of several Moroccan success stories. More than a simple financial leverage, Maroc Numeric Fund is a real accelerator for high-potential start-ups. It acts as an active shareholder by providing its portfolio companies, in addition to investment, with advisory and support for their managers, while holding a seat on their boards.

This is the 1st investment of the new fund Maroc Numeric Fund II and the 18th investment of its management team, taking into account the investments made by the fund Maroc Numeric Fund I, which is now in a divestment phase.

“The management team of the fund is proud to accompany OnePay startup which has a strong growth potential in Morocco and on the African continent, by responding to the major issue of financial inclusion through the expansion of access to financial services,” Mrs. Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said.

A Look At What The Startup Does

The OnePay platform acts and serves as a reference solution for the aggregation of payments and value-added services in electronic transactions.

The co-founder of OnePay, Karim Zaitouni has over 21 years of experience as an innovative and dynamic player in the field of electronic payment and value-added transactions.

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