What began as a university research project has officially made financial history in North Africa. Moustechir, a digital consulting platform, has become the first startup to list on the Algiers Stock Exchange, marking a major milestone for Algeria’s maturing tech ecosystem.
Quick Facts
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First startup listed on the Algiers Stock Exchange.
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Revenue jumped from 7.7M DZD to 120M DZD.
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Plans expansion into five Arab markets by 2027.
Bootstrapping an Advisory Tech Platform in Algeria
The concept for the company originated in April 2022 within the halls of academia. Kheireddine Boulfaa, now CEO and Chairman, was developing his PhD thesis in management sciences, focusing on mechanisms to improve the working environment for local startups.
Recognizing a severe lack of advisory culture in the local business sector, Boulfaa opted to build a functional solution rather than purely academic research. The result was a digital platform designed to connect citizens and businesses with elite experts and consultants on demand.
By June 2022, the company was officially incorporated with a modest initial capital of 100,000 DZD. Boulfaa was joined by two co-founders to solidify the technical and commercial operations: CTO Hichem Haouadji and CMO Younes Behnas.
Reflecting on the early days, Boulfaa noted that while the founding team lacked significant resources, their ambitions were clear—aiming to build the largest consulting platform in the Arab world within a decade.
Overcoming Funding Hurdles Through a Public Listing
Like many early-stage ventures in emerging markets, the startup encountered immediate hurdles when securing venture capital. Faced with a tight private funding environment, the management team pivoted toward an unconventional liquidity and growth route: a public listing.
Executing an IPO as an early-stage company required navigating heavy regulatory and institutional skepticism.
The primary challenge was convincing stakeholders, including partners, shareholders, banks, and the Commission for the Organization of Stock Exchange Operations (COSOB), of the operation’s viability. The team managed to push the listing through after securing the backing of a single local bank.
The successful listing drew attention at the highest levels of government, earning public commendation from Algerian President Abdelmadjid Tebboune, who highlighted the firm as a benchmark for youth entrepreneurship.
Revenue Surges and Ecosystem Expansion
Beyond capitalization, the firm initially struggled to attract top-tier consultants to a nascent platform. Leveraging the founders’ personal networks, they successfully onboarded an initial cohort of 20 experts, establishing the necessary marketplace supply.
That early traction has translated into aggressive financial growth. The company reported a revenue surge from 7.7 million DZD in 2023 to 120 million DZD in 2024, with projections aiming for 150 million DZD by the end of 2025.
The platform has also diversified its revenue streams. Core advisory services are now supplemented by ‘Moustechir Academy’ for specialized training, ‘Idarati’ for administrative and corporate structuring support for new founders, and a dedicated software and app development unit.
Armed with public market capital and holding stakes in three other startups, the founding team is currently preparing for regional scale. The immediate operational priority is securing market entry into five additional Arab countries by 2027.
About Moustechir
Founded in 2022, Moustechir is an Algeria-based digital platform that connects individuals and enterprises with verified experts and consultants. The company has since expanded into an integrated B2B service provider, offering startup administrative support, corporate training programs, and software development, while holding strategic stakes in complementary tech ventures.
Source: Horizons
