Sudan E-Commerce Site Gets Fawry’s Support in Landmark Fundraise
(Bloomberg) -- Sudan’s largest digital classifieds and marketplace company secured $5 million in funding, the biggest foreign investment in the African nation’s tech sector since the U.S. lifted its final major restrictions last year.
alsoug.com will put the funds toward setting up a national payments network that will allow users to deposit, withdraw and transfer cash, the company said Tuesday in a statement. The site, founded in 2016, lists items such as real estate, cars and furniture as well as job openings and services.
The deal was co-led by Egyptian e-payments firm Fawry for Banking & Payment Technology Services SAE, which took a minority stake in alsoug.com, marking its first investment outside its home country.
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