African Founder Launches AI Startup, Secures $9M Funding

A Successful Founder Returns with a New AI Venture

In 2023, Karim Jouini and Jihed Othmani, the co-founders of Expensya, completed the sale of their expense management startup to Medius, a Swedish procurement software company.

This acquisition is considered one of the most significant of an African startup, with estimates suggesting a value exceeding $120 million, though specific deal terms remained undisclosed.

From Acquisition to a New Challenge

Initially, both founders vowed to step away from entrepreneurship following the success of Expensya.

Jouini then took on the role of CTO within the combined organization, overseeing integrations across three continents.

However, the emergence of generative AI and the potential to create an even more impactful company drew them back into the startup world.

Introducing Thunder Code

Jouini and Othmani have now co-founded Thunder Code, a software testing platform powered by generative AI.

The company has already secured $9 million in seed funding, as reported to TechCrunch.

“We promised ourselves no more companies after the challenges of Expensya,” Jouini stated. “But the opportunity presented by generative AI was too compelling to ignore.”

Lessons Learned and a Renewed Focus

Jouini’s experience at Medius reignited his passion for technology and innovation.

He observed firsthand how generative AI could revolutionize the software industry, identifying software testing as a universal pain point.

This realization became the foundation for the creation of Thunder Code.

AI-Powered Testing Agents

Thunder Code addresses the inefficiencies of traditional, manual testing processes.

It utilizes AI-powered “agents” that simulate human testers, identifying subtle UI and UX issues and continuously learning from feedback.

Rapid Development and Market Traction

Jouini prioritized speed, aiming to avoid the early challenges faced by Expensya.

“We launched our first MVP within six weeks,” he explained. “The product is significantly more robust now than Expensya was in its fourth year.”

Thunder Code is already demonstrating market traction, with paying customers and pilot programs in the U.S., Canada, France, and Tunisia.

The company currently focuses on web application testing, with plans to expand into mobile, desktop, and API testing by late 2025.

Applying Past Experiences

Jouini is applying valuable lessons learned from Expensya, including a focus on core features and the rapid acquisition of top talent.

He is willing to accept early dilution in exchange for investing in exceptional individuals.

“We believe creating a unicorn justifies some dilution of ownership,” he commented.

The Potential of AI for Efficiency

Jouini anticipates that AI will enable Thunder Code to achieve ten times the output with a smaller team.

This aligns with the growing trend toward leaner, AI-driven organizations.

A Large and Evolving Market

Despite the shift in focus from expense management to software developer tools, Jouini recognizes the significant market opportunity.

The software testing market is projected to exceed $100 billion by 2027, currently dominated by established players like Tricentis and BrowserStack.

He believes Thunder Code’s speed and AI-driven approach provide a competitive advantage.

Competition and Funding

Thunder Code, with headquarters in Paris and an office in Tunis, is entering a competitive landscape.

Numerous startups, including UiPath, Jetify, and Nova AI, are also pursuing similar solutions.

The $9 million seed funding round includes investments from Silicon Badia, Janngo Capital, Titan Seed Fund, and strategic angels such as Roxanne Varza and Karim Beguir.

Notably, former and current Expensya employees who benefited from the acquisition have also invested in Thunder Code.

“We’re pleased to have support from our former colleagues,” Jouini added.