In 2023, co-founders Karim Jouini and Jihed Othmani bought their expense administration startup Expensya to Swedish procurement software program agency Medius in what’s broadly thought of to be one of many largest acquisitions of an African startup. Some sources say the sum was simply over $120 million, though deal phrases weren’t disclosed.
Success achieved, each founders swore off entrepreneurship, by no means aspiring to do one other startup once more and Jouini grew to become a CTO function within the merged software program firm, with different acquisitions spanning three continents.
However the pull of a brand new technological wave – generative AI – and the thought that they can construct one thing even greater with them have drawn them again in.
The 2 have now co-founded Thunder Code, a generative AI-powered software program testing platform, which has already secured $9 million in seed funding, they informed TechCrunch.
“It’s pretty crazy because we promised not to do another company because Expensya was too hard,” Jouini informed TechCrunch. “But I think it’s like when people have two kids, they forget how hard the first one was. This new venture is less than six months old and already super intense, but we’re fired up. We’re convinced this is unicorn material.”
Jouini says his transition into head of know-how at Medius reignited a spark he missed after years as Expensya’s frontman. As he oversaw the combination of six firms throughout three continents, he noticed firsthand how generative AI might reshape the software program trade. Testing was a common downside, irrespective of the product, a realization that seeded the thought for Thunder Code.
Thunder Code tackles sluggish, guide testing with AI-powered “agents” that mimic human testers. These brokers simulate QA processes, catch delicate UI and UX points, and study from suggestions.
Decided to keep away from Expensya’s early missteps, Jouini prioritized velocity. “We shipped our first MVP in week six, and now the product is much more solid six months in than Expensya was in year four,” he mentioned. This displays a broadly held perception in startup land that quick suggestions trumps good plans.
Thunder Code is already gaining traction, with paying prospects and pilot packages throughout the U.S., Canada, France, and Tunisia. The corporate companions with supply managers, QA outlets, and developer groups keen to check and ship sooner. Its present focus is net software testing, with plans to develop into cellular, desktop, and API testing by late 2025.
Along with velocity, Jouini’s second rodeo additionally applies different hard-earned classes from Expensya, like specializing in core options and getting the perfect expertise as quickly as attainable. He’s unapologetic about early dilution, because it pertains to investing in high expertise. “A lot of African entrepreneurs are scared to dilute capital because they want to keep 100%. We believe that if we create a unicorn while diluting ourselves, that’s good value,” he remarked.
Jouini believes, nevertheless, that AI will let Thunder Code generate 10 instances the worth with fewer folks, echoing the broader sentiment shift towards leaner AI-powered groups.
Nonetheless, Jouini admits the bounce from expense administration to software program developer instruments was a leap regardless of the ache factors feeling acquainted. But, he sees software program testing as a much bigger, extra complicated market, projected to exceed $100 billion by 2027, nonetheless dominated by legacy code-based platforms like Tricentis and BrowserStack, which may be sluggish to adapt. He believes Thunder Code’s quick execution with AI offers it an edge even towards related new agentic merchandise.
Thunder Code, headquartered in Paris with an workplace in Tunis, joins an more and more crowded market of startups all making an attempt to do similar with entrants ranged from UIPath to startups like Jetify, Nova AI.
It helps that his co-founder, Othmani, brings deep experience in generative AI, having constructed inside AI instruments at Expensya years earlier than ChatGPT made waves. Their complementary abilities and the $9 million raised in six months place Thunder Code to maneuver quick and seize market share, Jouini mentioned.
The funding spherical contains acquainted faces from Expensya’s cap desk, together with Silicon Badia and Jaango Capital, together with Titan Seed Fund and strategic angels like Roxanne Varza (Director of Station F) and Karim Beguir, CEO of Instadeep, Africa’s largest AI startup. Former and present Expensya workers who cashed out through the acquisition have additionally invested. “Some of our investors are actually Expensya employees and I’m glad it worked out that way,” mentioned Jouini.
