Egyptian Startups Wuzzuf and Forasna Raise a $6 Million Round, in Egypt's Largest Series B Round
The startups, led by Baharsoft, had closed a $1.7 million Series A round in 2015.
Baharsoft, the company behind Cairo-based recruitment platform Wuzzuf and Forasna, has just announced a $6 million Series B funding round from four International VC funds, led by the European Bank for Reconstruction and Development (ERBD) and Vostok New Ventures, Endure Capital and Kingsway Capital.
This is the largest Series B round for a local Egyptian internet startup, which brings the total funding raised by the company to $8 million. Vostok New Ventures and Endure Capital participated in previous rounds, while other previous investors include 500 startups, Piton Capital, and Egypt-based A15. In fact, the startup, founded by Ameer Sherif in 2009, was the first Egyptian startup to join the 500 Startups accelerator programme, and in 2015, had closed a $1.7 million Series A round.
“It makes us proud to be the first tech startup in Egypt to get funding from so many global investors; 500 Startups accelerator, EBRD, Vostok New Ventures, Piton Capital, Endure Capital, and Kingsway Capital. This has opened more funding opportunities for other fellow Egyptian startups, said Sherif, adding that the funds "will be used to fuel our growth inside and outside of Egypt, across other markets, as well as spending in R&D efforts to maximise the use of artificial intelligence and machine learning in connecting people with jobs more efficiently.”
In 9 years since its inception, the two platforms have garnered 2 million users, which have made 15 million job applications for 900,000 job vacancies from 25,000 companies, leading to a total estimated 250,000 people hired. Sherif now aims to have one million people hired through his platforms per year by 2020. “With our fundraising tack record, doubling our business every year, and acquiring over 250+ team members, we are considered one of the fastest growing and largest internet companies in Egypt,” says Sherif.
Main photo: Wuzzuf's founder Ameer Sherif At the RiseUp Summit 2016.
Photo Credit: @MO4Network's #MO4Productions.
