Thursday
October 21
2021

Alsoug Raises $5 Million in First Foreign Funding Into Sudanese Tech in 30 Years

By Damilare Dosunmu

alsoug, the largest digital marketplace in Sudan, has closed a $5 million investment round to scale its digital payment network.

The investment is co-led by Egyptian fintech unicorn, Fawry, and a “wider consortium of Western venture capital firms”.

While an African country like Nigeria has recorded close to 50 investment deals this year alone, this investment round marks the first foreign venture capital investment into the Sudanese tech ecosystem since international sanctions on the country were lifted in 2020, following a 30-year isolation period.

Photo courtesy of Simon Berry.

 

Source: TechCabal (link opens in a new window)

Categories
Finance, Technology
Tags
digital payments, financial inclusion, fintech, funding, investment, startups, tech, technology