$5 M funding raised by Sudanese classifieds platform Alsoug, includes Egyptian unicorn Fawry

Alsoug, Sudanese classifieds, and marketplace platform, has secured $5 million in a Series A investment led by Egyptian fintech unicorn Fawry.

Alsoug, Sudan’s largest classifieds site, has secured a US $5 million Series A investment round to expand its related fintech platform, Cashi, which was launched in 2016.

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.

Fawry, Egypt’s top supplier of e-payments solutions and digital banking services, and North Africa’s first “unicorn” firm has sold a “strategic minority interest” to alsoug as part of the round.

Fawry has previously made startup investments, most recently in Egyptian social commerce firm Brimore, but this is its first venture outside of Egypt. By catalysing engagement from other significant Western VC firms, the business claims to have played a key role in guaranteeing the success of alsoug’s round.

“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.