MOROCCO – Damanesign, a Morocco-based digital trust solutions startup, has successfully raised MAD4 million (US$450,000) in funds led by Maroc Numeric Fund II to improve its digital products and develop its operations.
Founded in 2021 by Zouhair Hamdaoui, Damanesign is a startup that is seizing new legislation opportunities on digital trust in Morocco to provide users with the utmost safety in the documentation.
Damanesign provides electronic signatures, seals, and timestamps allowing users 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).
As legal frameworks constantly evolve, legal startups in emerging venture Markets have been keen on introducing digital and tech solutions to make transactions safer.
“The Covid-19 crisis has demonstrated the importance for companies, public administrations, and individuals to have end-to-end dematerialised processes.”Mrs Dounia Boumehdi – Managing Director, MITC Capital
This is the 5th investment of Maroc Numeric Fund II and the 22nd investment of its management team at MITC Capital.
“The recent adoption of Law 43-20 on digital trust, opens the way to widespread and more accessible use of various services, including electronic signature,” Mrs Dounia Boumehdi, Managing Director of MITC Capital, said.
“The Covid-19 crisis has demonstrated the importance for companies, public administrations, and individuals to have end-to-end dematerialised processes, allowing to fluidify transactions of any nature. Our investment is part of this approach to democratising digital trust services by enabling companies of all sizes to take full advantage of the services and ergonomics of Damanesign.”
This round comes as a pivot point for Damanesign as they benefit from their newly acquired funding to hone their digital products and develop their operations.
Morocco currently has a more flexible but sophisticated legal framework, permitting the broad use of electronic signature, electronic seal, time-stamping, and electronic certification services, according to the enactment of Law 43–20 on digital trust in December 2020.