Rabat – ShareID, a startup that pioneered an authentication solution for digital identity, raised €2 million in seed funding (initial stage funding).
Founded by Sara Sebti and Sawsen Rezig in 2020, the Paris-based startup now has plans to expand to Morocco and the US.
ShareID secured its seed funding from the 212 Founders program which was created by CDG Invest, the investment arm of Morocco’s state-owned CDG Group.
According to reports, the startup plans to use the funds to continue the deployment of its solution in the US and develop its AI (artificial intelligence) competence in Morocco.
The startup developed a strong authentication solution that allows users to create a reusable digital identity linked to government-issued IDs.
“Our innovative technology is uniquely positioned to shake up the massive customer authentication market with a secure and user-friendly solution,” Sara Sebti and Bernard Mourad were quoted saying.
“We offer businesses and their customers a safe, trusted way to interact seamlessly,” the startup explained. The growing company expressed its satisfaction at welcoming new investors as well as accelerating its growth in foreign markets, they added in a statement reported in converging news reports.
On his part, Augustin Sayer, Partner at Newfund, a venture capital that contributed to the startup’s seed fund said: “Currently, even the strongest MFA [Multi-Factor Authentication] solutions provide a weak layer of security that can be easily hacked and do not confirm the actual person behind the screen.”
Sayer explained the technicalities behind the design: “The future is a digital ID validated once and allows users to sign in with their official credentials for any transaction on their smartphone.”
As a part of the startup’s investor team, he recalled how “impressed” Newfund was with ShareID’s pitch: “We were impressed by their vision and the technology they have developed and knew that we had to get on board.”
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