Latest news with #AlgebraVentures
Zawya
17-06-2025
- Business
- Zawya
Octane raises $5.2mln to transform MENA's fleet payments
Egypt's leading digital platform for fleet and on-road expense management Octane has closed a $5.20 million funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding. Octane will use the new capital to expand its network, boost its technology stack, and support the company's growth across Egypt and the wider MENA region, according to a press release. It secures a single closed-loop digital wallet that consolidates fuel, maintenance, spare parts, petty cash, and more into one platform. The solution backs diesel, gasoline, and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. Amr Gamal, Co-Founder and CEO of Octane, commented: 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Established in September 2022, Octane has built Egypt's largest fleet-payment coverage, currently spanning 2,400 petrol stations and 400 CNG outlets nationwide. Laila Hassan, General Partner at Algebra Ventures, indicated: 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors.' All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
CairoScene
17-06-2025
- Business
- CairoScene
Octane Raises $5.2 Million to Expand Fleet Payments Platform in MENA
Octane Raises $5.2 Million to Expand Fleet Payments Platform in MENA Egyptian fleet-expense startup Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures and SC Holding to grow its operations in Egypt and the wider MENA region. Octane, an Egypt-based digital platform for managing fleet and on-road expenses, has secured $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding. Founded in September 2022, Octane offers a closed-loop digital wallet that consolidates fuel, maintenance, spare parts, and petty cash payments into a single platform. The solution provides fleet operators with real-time control and analytics, helping reduce avoidable fuel and mileage costs by double-digit percentages. It currently supports diesel, petrol and CNG payments, with EV charging capabilities being piloted. Since its launch, Octane has built the largest fleet-payment network in Egypt, with coverage across 2,400 petrol stations and 400 CNG outlets nationwide. Over 1,600 corporate clients, representing a combined fleet of around 250,000 vehicles, use the platform to manage on-road expenses. The startup now employs 200 staff members and was recently recognised with an EEA Award for Rising Entrepreneurs of the Year. "At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,' said Amr Gamal, Co-Founder and CEO of Octane. 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Octane enters a global market that is seeing increased demand for integrated fleet-expense solutions. While established players like Corpay and WEX have demonstrated the viability of consolidated payment models, newer fintechs such as Coast and Fleetio are driving digital-first adoption. Octane aims to bring this model to Egypt and the region, integrating local tax and compliance needs with advanced automation and insight tools.
Wamda
17-06-2025
- Business
- Wamda
Egypt's Octane raises $5.2 million to digitize fleet payments across MENA
Egyptian fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding. The Cairo-based startup, co-founded by Amr Gamal and Ziad Eladawy in 2022, provides a digital platform that consolidates all fleet-related expenses—including fuel, maintenance, and petty cash—into a single closed-loop wallet. The new funding will be used to expand Octane's regional footprint, acceptance network, and AI capabilities, including fraud detection and route optimisation. Press release: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding. The new capital will accelerate the expansion of Octane's acceptance network, deepen its technology stack and support the company's growth across Egypt and the wider Middle East and North Africa (MENA) region. Unlike traditional fuel cards, Octane delivers a single closed-loop digital wallet that consolidates every on-road expense—fuel, maintenance, spare parts, petty cash and more into one platform. Real-time controls and analytics give fleet operators clear visibility, typically trimming avoidable fuel and mileage costs by double-digit percentages. The solution already supports diesel, gasoline and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. 'At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,' said Amr Gamal, Co-Founder and CEO of Octane. 'This funding lets us broaden our acceptance network, expand AI-powered fraud detection and route optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Since its founding in September 2022, Octane has rapidly built Egypt's largest fleet-payment coverage, now spanning 2,400 petrol stations and 400 CNG outlets nationwide. More than 1,600 corporate clients with a total fleet of ~250,000 vehicles rely on the platform to streamline fleet spending, and the company's headcount has grown to 200 employees. Octane's innovative approach earned an EEA Award for Rising Entrepreneurs of the Year. 'What drew us to Octane wasn't just the size of the problem they're tackling – it was the clarity and precision of their solution,' said Laila Hassan, General Partner at Algebra Ventures. 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors. We're proud to back a team that's solving today's pain points while setting the foundation for a more efficient, transparent future.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. 'The first wave of digitisation of mobility companies moved people; the second wave moved goods. But unlike the consumer space, the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure,' said Tamer Azer, Partner at Shorooq. 'Octane is redefining financial technology and access products for fleet managers, and we're excited to support them as they scale their world-class technology to every company that operates a fleet across the MENA region.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralised fuel and maintenance payments, while newer fintechs like Coast and Fleetio are introducing modern, digital-first tools. Octane is bringing this proven model to Egypt and the MENA region, pairing a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements, giving operators automation and insight previously available only in mature markets. With its robust network, proprietary technology and growing customer base, Octane is well poised to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency.
Wamda
20-05-2025
- Automotive
- Wamda
Sylndr closes $15.7 million Series A to drive automotive innovation in Egypt
Cairo-based used-car platform Sylndr has raised $15.7 million in a Series A equity round, led by DPI Venture Capital via the Nclude Fund, with participation from Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. Founded in 2021 by Amr Mazen and Omar El Defrawy, Sylndr allows customers to buy and sell their cars as well as find financing solutions. The funding will be used to accelerate Sylndr's expansion across Egypt, enhance its pricing intelligence, inventory, and fintech capabilities, and strengthen partnerships with dealers, lenders, and service providers. In November last year, Sylndr secured a $7.46 million capital facility tailored specifically to the unique dynamics of Sylndr's business model. Press release: Sylndr, Egypt's leading used-car marketplace, today announced the closing of its $15.7 million Series A equity round, led by Development Partners International (DPI) Venture Capital via the Nclude Fund, with participation from Algebra Ventures, Nuwa Capital, Raed Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures. This round supports Sylndr's mission to digitise and bring transparency to every aspect of Egypt's mobility landscape, from buying and selling to financing and insuring. 'We're incredibly excited about this new chapter and deeply grateful for the support and belief our shareholders continue to place in our mission,' said Omar El Defrawy, Co founder and CEO of Sylndr. 'This round allows us to scale nationally and expand our product offering as we continue building the go-to platform for mobility in Egypt.' A Fully Integrated Mobility Platform Founded in 2022, Sylndr is addressing one of Egypt's most fragmented and informal sectors, the used car market, through a technology-driven platform that integrates operational scalability, asset-backed financing, and real-time pricing. What began as a marketplace for used vehicles has evolved into a multi-layered offering serving both consumers and dealers. In a region where mobility is a functional necessity and a catalyst for economic prosperity, Sylndr is improving livelihoods and enabling greater financial mobility. In 2025, the company expanded its portfolio with three new strategic verticals: Sylndr Swift: Fully digital automotive financing solution, enabling faster and more accessible car financing solutions. • Sylndr Plus: A vehicle services platform offering inspections, car ownership diligence and transfer, maintenance, and ongoing service support for customers seeking convenience and affordability. • Al-Ajans: A business growth programme tailored to car dealers, helping them digitize, grow their inventory, and connect more efficiently with buyers. With continued product innovation and a growing operational presence, Sylndr is building a category-defining platform in Egypt's multi-billion-dollar used car market. What's Next for Sylndr With this new funding, Sylndr plans to: • Accelerate its geographic expansion, bringing its platform and services to all major governorates across Egypt. • Accelerate technology and product innovation to improve pricing intelligence, expand inventory selection, and scale financing capabilities. • Expand its product and service portfolio, leveraging its marketplace, financing, and servicing rails to introduce complementary offerings that reach a broader customer base. • Deepen partnerships with local dealers, financial institutions, and service providers to grow its ecosystem. Sylndr's integration of commerce, fintech, and after-sales services positions it at the core of the mobility value chain, well-placed to lead Egypt's shift toward a more efficient and trusted used car market. Investor Confidence in Team and Market Opportunity 'Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars,' said Ashley Lewis, Managing Partner at DPI Venture Capital. 'Via the Nclude Fund, we're proud to support Sylndr's vision of creating a more inclusive, tech-enabled automotive ecosystem in Egypt and beyond.' 'The Sylndr team has shown sharp execution and a clear vision in transforming Egypt's used car market," said Laila Hassan, General Partner at Algebra Ventures. Their expansion into financing and vehicle services reflects both ambition and a deep understanding of local market dynamics." We're proud to continue supporting them as they build a category-defining mobility platform for Egypt and the region."
Yahoo
24-03-2025
- Business
- Yahoo
Fintech firm enza raises $6.75m in seed funding
Enza, a payment solutions provider focused on Africa, has secured $6.75m in a seed funding round, jointly led by Algebra Ventures and Quona Capital. The payments firm serves banks and fintech companies, helping them offer region-specific capabilities such as cards, digital wallets, and real-time payment services. Its offerings are claimed to lower transaction costs, enabling clients to expand their market reach and build the foundation for broader financial service offerings. With the fresh infusion, enza aims to bolster its footprint in key African markets, build stronger alliances, and better cater to the diverse needs of its growing customer base. This investment represents enza's first external funding and will support the company in its efforts to drive inclusive commerce across Africa. Enza CEO Hany Fekry said: 'We are thrilled to partner with Algebra Ventures and Quona Capital, who share our vision of the potential to transform financial services in Africa through the digitisation of payments. 'This investment is a strong endorsement of our team, our market-leading services, and our commitment to empowering banks and fintechs to drive financial inclusion across the continent.' The backing from Algebra Ventures and Quona Capital further aligns with enza's ambition to address the challenges and opportunities presented by Africa's rapidly expanding, digitally connected population. Algebra Ventures managing partner Tarek Assaad said: 'enza is exceptionally well-positioned to transform Africa's payments ecosystem by delivering the essential infrastructure that banks and fintechs require for success. 'The enza leadership team have an impressive track record of starting, growing and exiting fintech businesses across the continent. 'enza was uniquely capable of hitting the ground running as a pan-African payments player from the outset and is experiencing remarkable growth across its product offering. We are delighted to support the team on their exciting journey.' "Fintech firm enza raises $6.75m in seed funding" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
