Sudanese classifieds and marketplace platform alsoug has raised US$5 million in Series A funding in a round that includes Egyptian fintech unicorn Fawry.
Founded in 2016, alsoug is Sudan’s largest classifieds platform, and the startup has raised a US$5 million Series A funding round in order to build out an associated fintech platform, Cashi.
“From our earliest beginnings we have focused on enabling anyone in Sudan to buy and sell whatever products and services they need, no matter who they are or where they live. But today, ordinary Sudanese consumers and businesses still have limited ways to make payments. This investment enables us to expand our services in fintech so that everyone in the country has the financial freedom they deserve and are able to transact in a fast, transparent, simple, and digital way,” said Tarneem Saeed, chief executive officer (CEO) of alsoug.
As part of the round, alsoug has sold a “strategic minority stake” to Fawry, Egypt’s leading provider of e-payments solutions and digital banking services, and also North Africa’s first “unicorn” company, worth over US$1 billion.
Fawry has made startup investments before, most recently in Egyptian social commerce startup Brimore, but this represents its first overseas investment. The company claims to have played a leading role in ensuring the success of alsoug’s round, by catalysing involvement from other strategic Western VC players.
“We’re delighted to be kicking off our partnership with alsoug, one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation. This is our first investment foray outside of Egypt in our 13 years of operation, and we’re confident that our story with alsoug and Cashi will be a special one,” said Fawry CEO Eng. Ashraf Sabry.
