Egypt based recruitment platforms Forasna and Wuzzuf have secured a Series B round of funding to the tune of USD 6 Mn. The funding was facilitated by Cairo based BasharSoft and led by the European Bank for Reconstruction and Development in London as well as the U.S based Endure Capital and Kingsway Capital, also from London.
Two out of the three investment firms had participated in the Series A round of funding of USD 1.7 Mn in 2015 along with 500 Startups and Vostok Ventures.
BasharSoft has been in play for a long time. Launched in 2009, due to harsh market conditions, the firm nearly shut down in 2011 before being offered a Silicon Valley lifeline. Wuzzuf and Forsana both offer Egyptians recruitment opportunities, servicing both ends of the spectrum with Wuzzaa’s primary clientele white collar employees and Forsana blue-collar job seekers.
Bootstrapping has always been company culture, but the recruitment platform has in recent times appeared such an exciting prospect that their bootstrapping days are behind them. Wuzzuf was ranked #51 in its ranking list “Top 100 Startups In The Arab World 2017” issued last year Forbes Middle East.
Knowing the value of their self-starter experience, CEO & Co-founder of BasharSoft, Ameer Sherif intends to ensure the expansion of the company. “We will use these new funds to fuel our growth inside and outside of Egypt, across other markets. In Egypt, our goal is to help 1 million people hired through our platforms on an annual basis by 2020. Part of the funds is going to R&D efforts to maximize the use of artificial intelligence and machine learning in connecting people with jobs more efficiently,” said Sherif.
Expansion of any kind, whether solidifying their position within the North African country or going outside of their borders, bodes well for the trajectory of the company not only within the region but on the continent. Furthermore, capping a successful round of funding that puts their combined Series A & B total to $8 million shows the appeal of the company and its recruitment offering.