Karim Jouini and Jihed Othmani, co-founders of Expensya who once vowed never to start another company, have been pulled back into the entrepreneurial world by the tidal wave of generative artificial intelligence. The duo has just announced the launch of Thunder Code, an AI-driven software testing platform, and secured $9 million in seed funding within less than six months of its founding.
In 2023, this entrepreneurial pair sold their expense management startup Expensya to Medius, a Swedish procurement software company. The deal was rumored to be slightly above $120 million, widely regarded as one of the largest acquisitions in African startups' history. At that time, both founders publicly declared their intention to leave the entrepreneurial path, with Jouini even taking up the role of CTO at the merged company.
However, as Jouini candidly admitted: "This is insane. We promised ourselves not to start any other companies after Expensya, because it was too hard. But I think it's like when people have two children, they forget how difficult the first one was."
The Opportunity for AI to Reshape Software Testing Industry
During his tenure as technology director at Medius, Jouini oversaw the integration of six companies across three continents, gaining profound insights into how generative AI reshapes the entire software industry. He discovered that regardless of product form, testing is a universal pain point, which led to the birth of Thunder Code.
The core innovation of Thunder Code lies in using AI "agents" to simulate human testers, effectively addressing the slow pace of traditional manual testing. These intelligent agents can simulate complete QA processes, capture subtle UI and UX issues, and continuously learn from feedback.
Rapid Iteration Entrepreneurial Philosophy
Learning from the slow early development of Expensya, Jouini now prioritizes speed as his primary strategy. "We released our first MVP in the sixth week, and now the product is much more solid six months later than Expensya was in its fourth year," he proudly stated. This reflects the core concept of modern entrepreneurship: rapid feedback outweighs perfect planning.
Currently, Thunder Code has gained paying customers and pilot projects in places such as the United States, Canada, France, and Tunisia, primarily serving delivery managers, QA teams, and development teams seeking faster test delivery. The company currently focuses on web application testing and plans to expand its service scope to mobile, desktop, and API testing by the end of 2025.
Embracing Dilution, Pursuing Unicorn Dreams
Unlike many entrepreneurs who worry about equity dilution, Jouini is indifferent to early-stage equity dilution because he believes it is necessary investment in top talent. "Many African entrepreneurs fear dilution of capital because they want to keep 100% ownership. We believe that if we build a unicorn company while diluting our own equity, it will be well worth it."
Jouini firmly believes that with AI technology, Thunder Code can create ten times the value with fewer people, aligning with the current industry trend of lean AI teams.
Aiming for a Billion-Dollar Market
Although moving from expense management to software development tools represents a major leap, Jouini believes that software testing presents a larger and more complex market opportunity. It is predicted that the market size will exceed $100 billion by 2027, still dominated by legacy platforms like Tricentis and BrowserStack, which are slower to adopt AI transformation. This provides emerging AI-native platforms like Thunder Code with opportunities for leapfrogging growth.
High-Profile Investment Support
Headquartered in Paris with offices in Tunis, Thunder Code’s $9 million seed round was backed by a high-profile investor lineup. Investors include old friends like Silicon Badia and Jaango Capital, who previously invested in Expensya, as well as new faces like Titan Seed Fund. More notably, the participation of strategic angel investors such as Station F Director Roxanne Varza and Karim Beguir, CEO of InstaDeep, Africa's largest AI startup, and contributions from former and current employees of Expensya reflect market confidence in this entrepreneurial duo.
Othmani's deep expertise in generative AI has provided strong technical support for Thunder Code. Before ChatGPT became popular, he built internal AI tools at Expensya, laying a solid foundation for the rapid development of the new company.
Facing crowded competition from rivals such as UIPath, Jetify, and Nova AI, Thunder Code, with its founders' successful experiences, complementary skills, and sufficient funds, is poised to capture significant market share in this trillion-dollar market.