Alsoug raises $5mln as Sudan opens up to foreign investments after 30 years

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DUBAI: Sudanese digital marketplace Alsoug has secured $5 million in its latest funding round, which it said marks the first international venture capital technology investment since the 30-year sanctions were lifted.

The funds will be used “to establish a national payments network enabling quick and safe transactions” in Sudan, the company said in a statement.

Alsoug, which was founded in 2016, provides a digital marketplace for people in Sudan, where they can buy and sell goods and services, as well as listings.

The investment marks a significant development in the African country’s economy, following three decades of international isolation.

“We welcome foreign investment into promising Sudanese businesses, a key part of our economic plan to drive growth in the financial, technology, agriculture, mining, and infrastructure sectors,” Magdi Amin, senior advisor to Sudan’s minister of finance, said.

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