WUZZUF and Forasna announced that they have raised $6 Million in Series B funding that was led by four European and US venture capital (VC) funds. The proceeds of the round will be utilized in growing the company within Egypt and to hire one million people annually on both platforms by 2020.
The European and U.S. VC funds that participated in the round are the European Bank for Reconstruction and Development (ERBD) through its VC Investment Program that invests in CEE/MEA based early and growth stage technology companies, along with Vostok New Ventures (Sweden), Endure Capital (US) and Kingsway Capital (UK).
The Egyptian startup WUZZUF and Forasna were established by Ameer Sherif in 2012 and 2015 respectively. Wuzzuf.net is a recruitment platform for highly educated professionals and university graduates, while Forasna.com serves the rest of the market including blue collar workforce. Both platforms are managed and owned by BasharSoft LLC.
BasharSoft, the company behind both WUZZUF and Forasna, had previously raised a $1.7m Series A round in 2015 from Vostok New Ventures, 500 Startups and Endure Capital.
For future plans, WUZZUF and Forasna will focus on growing it’s operations in and out of Egypt as well as aiming to get around one million people hired annually on both platforms by 2020. Another major part of the funds will be directed towards Research and Development to incorporate AI and ML in connecting job seekers more efficiently with more jobs.”
Forbes Middle East had ranked WUZZUF #51 in its ranking list “Top 100 Startups In The Arab World 2017” issued last year.
WUZZUF has over 200 employees. In 2016, WUZZUF had acquired job assessment platform Viriphi for an undisclosed amount.