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Thursday, 3 May 2018

Wuzzuf and Forasna raise USD 6 mn in Series B funding

INVESTMENT WATCH- The VC parade continues as Egypt’s Wuzzuf and Forasna raise USD 6 mn in Series B funding. Job recruitment platforms Wuzzuf and Forasna — both owned by BasharSoft — have raised USD 6 mn in Series B funding, Forbes Middle East reports. The round was led by the European Bank for Reconstruction and Development through its VC Investment Program, Vostok New Ventures (Sweden), Endure Capital (US) and Kingsway Capital (UK). Wuzzuf, which does white collar jobs, and blue-collar-focused Forasna had previously raised a USD 1.7 mn Series A round in 2015. The news is the latest in a wave of VC funding announcements over the past few weeks. Mass transit platform Swvl set a record for a Series A funding round in Egypt with USD 8 mn, while online gown rental platform La Reina raised USD 1 mn in Series A funding, in a round led by Egypt’s Algebra Ventures.

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