After all the troubles that have been affecting the region of late, Egypt is definitely not your favorite investment destination. Among the list of companies that have been surviving the not-so-great financial environment, one is BasharSoft, the company behind recruitment website Wuzzuf.
It comes across as one which may have survived in the past, but is now actually thriving. The company has recently raised a Series A funding of $1.7 million from Sweden-based Vostok New Ventures and UK-based Piton Capital.
Coming from a company based in Egypt, an investment of this magnitude would be amazing as it is. However, what makes it even more staggering is the fact that this probably is the largest fund-raising round in Egypt for a very, very long time (Maybe Ever!). To put things in perspective, raising $1.7m in Egypt is similar to raising almost $7m in the US. What makes the investment even more significant is the fact that with this, Vostok and Piton would in fact be making their debut in Egypt and also the Middle East.
BashrSoft launched its first job site in Jan 2011 and had to go in the nether direction for almost 3 years before it reached positive cash flow in 2013 and finally receiving seed investment in 2014 from 500 Startups.
The company’s pride and joy is its platform Wuzzuf, which at the moment processes over 2 million job applications that has resulted in over 40,000 people getting hired at 5,000+ companies. What’s more, the company is also building regional recruitment platforms with an eye over local employment market.
Though the company is facing stiff competition from regional players — such as Bayt.com and Rocket Internet, it has been going pretty strong based on investments from regional angel investors such as Con O’Donnell and Tarek Fahim. Well, now that it has started attracting foreign funding too, we can expect things to get even better.