Maroc Numeric Fund II backs digital contracting company
Damanesign, a Moroccan startup that provides digital trust solutions – electronic signature, electronic seal, time stamping, etc – has announced fundraising of MAD 4 million (about $446,800) from Maroc Numeric Fund II.
Founded by Zouhair Hamdaoui, Damanesign allows companies of all sizes and all sectors to digitalise their contracting processes.
The solution developed by Damanesign allows to sign and have documents signed in total security, while guaranteeing their probative value. Damanesign also offers advanced management of signature transactions (multiple signatories, documents and roles, etc.) and organisations (users and workflows).
Since the adoption of Law 43-20 on digital trust in December 2020, Morocco now has a more flexible but advanced legal framework, allowing the widespread use of electronic signature, electronic seal, time-stamping and electronic certification services.
This is the fifth investment of Maroc Numeric Fund II and the 22nd investment of its management team, taking into account the investments made by Maroc Numeric Fund I, which is now in the disinvestment phase.
Dounia Boumehdi, managing director of MITC Capital, the management company of Maroc Numeric Fund II said, “The recent adoption of Law 43-20 on digital trust, opens the way to a widespread and more accessible use of various services, including electronic signature. The Covid-19 crisis has demonstrated the importance for companies, public administrations and individuals to have end-to-end dematerialised process, allowing to fluidify transactions of any nature. Our investment is part of this approach to democratise digital trust services by enabling companies of all sizes to take full advantage of the services and ergonomics of Damanesign.”
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