In 2023, co-founders Karim Jouini and Jihed Othmani offered their expense administration startup Expensya to Swedish procurement software program agency Medius in what’s extensively 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 meaning to do one other startup once more and Jouini turned 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 advised TechCrunch.
“It’s fairly loopy as a result of we promised to not do one other firm as a result of Expensya was too laborious,” Jouini advised TechCrunch. “However I feel it’s like when individuals have two children, they neglect how laborious the primary one was. This new enterprise is lower than six months previous and already tremendous intense, however we’re fired up. We’re satisfied that is unicorn materials.”
Jouini says his transition into head of expertise at Medius reignited a spark he missed after years as Expensya’s frontman. As he oversaw the mixing of six firms throughout three continents, he noticed firsthand how generative AI may reshape the software program business. 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 “brokers” that mimic human testers. These brokers simulate QA processes, catch refined UI and UX points, and be taught 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 rather more stable six months in than Expensya was in yr 4,” he mentioned. This displays a extensively held perception in startup land that quick suggestions trumps excellent plans.
Thunder Code is already gaining traction, with paying clients and pilot applications throughout the U.S., Canada, France, and Tunisia. The corporate companions with supply managers, QA retailers, and developer groups keen to check and ship sooner. Its present focus is net utility 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 potential. He’s unapologetic about early dilution, because it pertains to investing in prime expertise. “Loads of African entrepreneurs are scared to dilute capital as a result of they wish to preserve 100%. We consider that if we create a unicorn whereas diluting ourselves, that’s good worth,” he remarked.
Jouini believes, nevertheless, that AI will let Thunder Code generate 10 occasions the worth with fewer individuals, echoing the broader sentiment shift towards leaner AI-powered groups.
Nonetheless, Jouini admits the soar 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 an even bigger, extra complicated market, projected to exceed $100 billion by 2027, nonetheless dominated by legacy code-based platforms like Tricentis and BrowserStack, that could be sluggish to adapt. He believes Thunder Code’s quick execution with AI offers it an edge even towards comparable 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 consists of 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 staff who cashed out in the course of the acquisition have additionally invested. “A few of our traders are literally Expensya staff and I’m glad it labored out that method,” mentioned Jouini.
