Tunisia’s Cynoia raises over $900k for West Africa expansion

Daba Finance/Tunisia’s Cynoia raises over $900k

BREAKING NEWSDecember 4, 2023 at 11:43 AM UTC

In a recent funding round, Tunisian team collaboration startup Cynoia has successfully raised $930,000 to support its expansion into the West African Economic and Monetary Union (UEMOA), with a primary focus on Senegal and Ivory Coast.

Established in 2022, Cynoia is dedicated to simplifying and optimizing collaboration within companies. Its platform consolidates a comprehensive suite of essential tools, covering various aspects such as chat and video conferencing, email and calendar management, document handling, and project management.

With a user base spanning over 3,000 individuals across nine countries, Cynoia is poised for further growth following this funding injection from investors such as United Gulf Financial Services, 216 Capital Ventures, and Bpifrance. The startup aims to strategically expand its presence in UEMOA markets, with a particular emphasis on Senegal and Ivory Coast.

Key Takeaways

In Africa, startups digitizing the administrative stack for enterprise customers across multiple verticals (ranging from team collaboration to payroll and broadly human resources management), such as Cynoia, Workpay, FaidiHR, SeamlessHR, Bento Africa, and Zuberi have a big market opportunity considering the growing appetite for enterprise software solutions among medium-to-large organizations on the continent. The Middle East and Africa’s cloud computing industry is expected to grow to $31.4 billion by 2026, from $14.2 billion in 2021, mainly driven by private sector funding and appetite for digital solutions.

Cynoia

UGFS

216 Capital

BPIFrance

Senegal

Ivory Coast

Tunisia