As an entrepreneur, you can only image how the business climate has been in Egypt since the ousting of Hosni Mubarak. BasharSoft is one company that has stood the test of time and the turmoil that came with the Arab Spring, and came out still standing.
BasharSoft launched Wuzzuf, a recruitment website in January 2011, just one week before the turbulence that began with the Egyptian revolution that led to the overthrowing of President Mubarak. It has been five years of doing business for Wuzzuf thus far; it is quite remarkable that it withstood all the upheaval and still stands attractive enough to attract the attention of venture capitalists.
The Egyptian company has successfully managed to secure $1.7 million Series A funding from European venture capitalists; Vostok New Ventures (Sweden) and Piton Capital (UK). Vostok is the investor behind Delivery Hero, and Piton is behind FanDuel. It is important to point out that Wuzzuf has previously secured funding from the 500 Startups and Endure Capital.
The $1.7 million funding Wuzzuf has secured, becomes the biggest ever fund-raising round to be received in Egypt in recent history. Although TechCrunch points out, it is the largest fund-raising round the country has received in a very long time. Ending by pointing out, there are not many records to work with, as far as fund-raising rounds is concerned in Egypt.
Wuzzuf is also said to have bootstrapped for three years before starting getting some positive cash flows in 2013, and an additional investment from the 500 Startups that came in 2014.
Wuzzuf CEO and co-Founder, Ameer Sherif was quoted by TechCrunch saying, “potential for tech startups in Egypt is huge. The opportunities are massive in a 90m+ population country, which is larger than the Gulf States and Levant countries combined. Internet penetrations doubled in past 5 years.”