Pravica: Story, Founders, Investors & Funding Rounds
Founded in 2019 by Mohamed Abdou, Pravica utilizes blockchain to empower user privacy and security in the communication industry, specifically messaging apps, where enormous amounts of data breaches are recorded by some of the most popular communication apps worldwide.
Pravica has continued to scale in the communication market, especially notable messaging apps for businesses where a number of the most popular communication apps around the world record large amounts of data breaches.
The company’s platform offers a medium of secure communication using blockchain technology, enabling enterprises to communicate internally and externally privately and securely.
Apart from its belief that privacy is a fundamental human right, it also believes that blockchain systems will improve security, efficiency, and ecosystem trust and that is why the Pravica app is built on decentralized systems and protected by Bitcoin design, thereby revolutionizing the encrypted communication market, and offering unrivaled privacy and security.
How it Works
Blockchain provides the solution by decentralizing data to provide a way for only intended users to access any set of data. Pravica capitalized on this powerful concept since it is built on blockchain technology which enhances privacy, improves security, and the conveyance of data.
Pravica delivers the best solutions that empower global brands, multinational corporations, SMEs, start-ups, financial institutions, and government entities of all sizes to drive their business forward with military-grade privacy and security.
Productivity & Engagement
Employee loyalty is just as important as customer loyalty. What employees require to be their most productive is a sense of belonging, inclusiveness, and great work culture.
Pravica provides branded themes to be added to your employees’ preview that carry your logo, brand identity, and colors to spread your company culture to their handheld mobile devices.
Users of Pravica Club are on-boarded with their decentralized identity from BTC domains which are registered through a smart contract on Stacks Blockchain, secured by Bitcoin. No email, phone number, or personal information is required.
All messages are encrypted and messages can be cryptographically linked back to the crypto wallet by signing special messages with the Hiro wallet. Pravica is working to enable full functionalities of wallet-to-wallet conversations, as well as enabling users to invite others using wallet addresses for full interoperability.
Users don’t need to copy and paste NFTs to be used as profile pictures, but instead, extract the NFT from their wallet and showcase it as a verified avatar. The NFT is authenticated by each user’s wallet. In the future, these NFT avatars will be utilized to unlock other offerings in Pravica Club.
One of the biggest and unique features of the Pravica Club is the “eternal message”. Users in Pravica Clubs or Pravica messenger will be able to extract a text of 1024 characters and mint it as an eternal message.
The eternal message takes the form of an NFT. The ramifications are huge, Eternal messages can be used to save and engrave personal moments, like business agreements or historical statements.
Mohamed Hussein Abdou
Mohamed Abdou is the Founder and CEO of Pravica.
He was the Founder of Dmails.
Mohamed Abdou attended the University of Nicosia and the Faculty of Engineering.
Investors & Funding Rounds
500 Startups, Modus Capital, DYRES Venture & Crypto Valley Venture Capital (CV VC)
Pravica has raised US$500,00 in a pre-seed round, led by 500 Startups, with the participation of Modus Capital and DYRES Venture.
The company will use the investment to build its customer base, expand its team and develop additional private communication tools to further enhance its product.
The startup has also raised an undisclosed direct investment from the Swiss venture capital firm and incubator Crypto Valley Venture Capital (CV VC), with which it plans to scale up its operations and continue to expand its messaging app to users.
This isn’t the first time that the Swiss venture capital firm would be investing in an African blockchain startup as it had, before this investment, invested US$75k in a South African startup, PocketJam, for a 10% stake In 2019.
Crypto Valley Venture Capital (CV VC) typically invests in global teams that are using blockchain to transform the space and create solutions at the convergence of ‘Technology for Tomorrow’ (T4T) and six business lines, one of which is Security & Identity.
Nevertheless, CV VC only invests after the blockchain startups have passed through its Labs Incubation Program which is located in Zug, Switzerland.
With the funds, Pravica aims to onboard more than 5,000 enterprises with an average of 500,000 users combined.
Additionally, Pravica raised a pre-seed funding round worth US$500,000 in 2020, from investors including 500 Startups.
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