In 2023, a significant milestone in the African startup ecosystem occurred when co-founders Karim Jouini and Jihed Othmani sold their expense management platform, Expensya, to the Swedish procurement software company Medius. This acquisition was not just a financial transaction; it represented one of the largest valuations for an African startup, with estimates suggesting the deal exceeded $120 million. However, the specific terms of the sale remained undisclosed, leading to speculation and excitement within the entrepreneurial community.
Following this notable exit, both Jouini and Othmani vowed to shift their focus away from entrepreneurship, feeling the deep fatigue associated with the rigorous demands of startup life. Jouini transitioned into the Chief Technology Officer role at Medius, overseeing the integration of multiple companies across different continents, an experience that expanded his horizons and professional network.
However, the dynamic world of technology is often irresistible, especially when a new paradigm emerges. The rise of generative AI caught their attention, prompting both founders to reconsider their previous pledges. They recognized an opportunity to leverage advancements in AI to innovate within the software testing sector, leading them to co-found Thunder Code, a generative AI-powered software testing platform.
Thunder Code has already made impressive strides by securing $9 million in seed funding, as reported by TechCrunch. “It’s pretty crazy because we promised not to do another company because Expensya was too hard,” Jouini shared. This sentiment, however, is common among entrepreneurs. The initial hardships of launching a startup can be so overwhelming that founders often forget, or even romanticize, those challenges over time. Jouini likened this phenomenon to parenthood, suggesting that new ventures, no matter how intense, can reignite passion and ambition.
Thunder Code aims to revolutionize the software testing process, which has been plagued by inefficiencies and manual oversight. Jouini and Othmani have adopted a strategy that places emphasis on speed and efficiency, launching their minimum viable product (MVP) in just six weeks. Jouini noted, “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.” This approach is in line with a growing belief in the startup community: rapid feedback can often be more valuable than meticulously planned but delayed releases.
The company is already demonstrating traction, with various pilot programs and paying customers across the United States, Canada, France, and Tunisia. Thunder Code collaborates with delivery managers, quality assurance (QA) teams, and developers, all of whom are eager for faster testing and shipping processes. Currently focused on web application testing, the company has ambitious plans to expand into mobile, desktop, and API testing by late 2025, touching multiple facets of the software development lifecycle.
Beyond speed, Jouini is deliberately implementing lessons learned from their time at Expensya. He emphasizes the importance of concentrating on core features and rapidly acquiring top talent. In a notable departure from the reluctance many entrepreneurs feel toward early dilution, Jouini has expressed openness to capital dilution if it means accessing high-quality 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 asserted. This perspective embodies a progressive approach to entrepreneurship, as it prioritizes long-term growth and sustainability over short-term control.
Generative AI, Jouini believes, offers unprecedented opportunities for innovation. He envisions Thunder Code’s ability to deliver ten times the value with fewer resources, an idea that aligns with the prevailing trend toward leaner, AI-powered teams. This belief in the potential of AI does not come without challenges, however. The transition from expense management to software development tools has not been without its learning curve. Yet, the similarities in customer pain points make the jump manageable.
The market for software testing is vast and projected to exceed $100 billion by 2027. It is currently dominated by legacy solutions that, while established, may not be agile enough to adapt to rapid changes in technology. Companies like Tricentis and BrowserStack have long-held their positions in this space, but Jouini feels that Thunder Code’s innovative execution could allow it to excel against both legacy and new entrants.
Based in Paris, with an office in Tunis, Thunder Code is entering a competitive landscape filled with startups also keen on leveraging AI to enhance software testing processes. Companies like UIPath, Jetify, and Nova AI have surfaced in this growing market, each vying for a slice of the rising demand for innovative testing solutions.
Jouini’s co-founder, Othmani, brings invaluable expertise to Thunder Code. Having previously built internal AI tools at Expensya before the generative AI wave gained mainstream traction, his experience augments Jouini’s vision. Their combined knowledge positions Thunder Code to respond quickly to market needs and secure its share within the industry.
Thunder Code’s recent $9 million funding round included a mix of familiar faces from its predecessor, Expensya’s, investor list. Investors such as Silicon Badia and Jaango Capital, along with Titan Seed Fund and notable strategic angels like Roxanne Varza, the Director of Station F, and Karim Beguir, the CEO of Instadeep—Africa’s largest AI startup—participated in this initial investment round. It also saw the participation of former and current Expensya employees, a factor that Jouini is particularly proud of. “Some of our investors are actually Expensya employees and I’m glad it worked out that way,” he remarked, revealing a deep-seated belief in his team and their shared journey.
The trajectory of Thunder Code reflects a vital transition not only for Jouini and Othmani but also for the broader entrepreneurial ecosystem in Africa. Their story highlights the importance of resilience, adaptability, and embracing new technologies that can fundamentally change how businesses operate. It serves as an inspiring narrative for aspiring entrepreneurs facing their own challenges and uncertainties.
Moreover, Thunder Code embodies the spirit of innovation that is becoming increasingly essential in today’s fast-paced tech landscape. While Jouini and Othmani have ventured back into the world of entrepreneurship, they are wiser and more prepared than before. Their commitment to building an agile company that leverages cutting-edge technology positions Thunder Code to disrupt the software testing market in ways traditional players cannot match.
The landscape of technology is ever-evolving, and the need for effective and efficient software testing solutions has never been greater. With their focus on speed, strategic investment in talent, and integration of generative AI, Thunder Code is poised to carve out a significant niche in this lucrative and expanding market. As they continue to navigate the complexities of building a successful startup, the experiences and insights gleaned from their previous venture will undoubtedly guide them toward achieving their ambitious goals.
The story of Thunder Code also offers important lessons for the startup community at large. It underscores the necessity of embracing change, taking calculated risks, and maintaining a willingness to learn from past experiences. As new technologies emerge and markets evolve, the ability to pivot and adapt becomes paramount for entrepreneurs looking to make their mark.
In conclusion, the journey of Karim Jouini and Jihed Othmani, from the sale of Expensya to the launch of Thunder Code, reflects a broader narrative of resilience and innovation within the African startup ecosystem. Their commitment to leveraging generative AI for software testing presents an exciting opportunity to challenge traditional norms and redefine efficiency in the technology sector. As they foster their new venture, the startup community will undoubtedly keep a close eye on their progress, eager to witness the next chapter in their exciting entrepreneurial journey. With Thunder Code, the promise of a new wave of innovation is not just on the horizon; it is already unfolding.
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