Egyptian founded and UAE based Pravica, a blockchain company offering decentralized private messaging and community group solutions, has secured a funding investment from Adaverse Cardano Ecosystem Accelerator and venture capitalist. Adaverse aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa and Asia.
The investment will be used to support the company’s growth and development, including its efforts to expand its chain-agnostic web3 messaging platform that enables users from different blockchains to communicate in a truly end-to-end encrypted (E2EE), open source and decentralized environment.
“Pravica empowers users to take control of their own encryption keys and protect their privacy on the new user-owned Internet” said Mohamed Abdou, CEO of Pravica. “This investment from Adaverse will help us bring our unique approach to secure communication to a wider audience.”
In September 2022, Pravica launched the first DcFi ( Decentralized Communications and Finance platform) under the name Pravica Club.
Adaverse, a leading investor in blockchain technology, sees the potential for Pravica’s chain-agnostic platform in the market.
Adaverse is a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain founders with funds, mentorship, and tech infrastructure to scale Web3 Solutions.
Shogo Ishida, Co-CEO for the Middle East & Africa at EMURGO Africa, commented “Adaverse and EMURGO are excited to support Pravica’s vision of a decentralized, secure communications system built on the blockchain. Both in Africa and across the world, recent market events have highlighted the importance of security and confidentiality in the Web3 space. Pravica provides one of the first tangible solutions to this issue, and Adaverse is glad to be joining their journey with strategic mentorship and tools for growth on the Cardano blockchain.”
The funding from Adaverse will enable Pravica to continue to develop and expand its chain-agnostic messaging platform, enabling secure communication for users across different blockchains.
Prior to the investment from both EMURGO Africa and Adaverse Pravica had received investment from 500 Startups fund.
In addition Pravica had made some impressive new hiring announcements. Bedie Moran has joined as the Chief Operating Officer of Pravica. Bedie brings a wealth of experience in Fintech working as a management consultant for KPMG Consulting and as head of the strategy team for E-trade Financial. More recently Bedie has focused his attention on supporting digital startups in Africa and the Middle East.
Pravica also announced the appointment of Alejandro Criado-Pérez as their new Chief Technology Officer. Alejandro Criado-Pérez brings a wealth of experience and expertise in the field of blockchain, having previously worked as Tech lead at Stacks Foundation.
One of the key projects that Alejandro will be working on is Pravica Club.