Egypt-based autotech FriendyM raises $3.2m to fund expansion

BREAKING NEWSJanuary 11, 2024 at 2:54 PM UTC

TLDR

Egyptian autotech company FriendyM secures $3.2 million for expansion.
FriendyM plans to extend services to all governorates, aiming to onboard 100,000 cars in a year.
Startup focuses on assisting car owners, with a particular emphasis on serving women.

Egyptian autotech company FriendyM has raised $3.2 million to support its expansion initiatives. The startup, already established in Saudi Arabia, the UAE, Cairo, and Alexandria, operates an application specializing in car management and maintenance.

Founded in 2016, FriendyM plans to utilize the new funding to extend its services to all governorates across Egypt and aims to onboard 100,000 cars onto its platform within a year.

The startup provides services to assist car owners in managing vehicle maintenance. Abdelrahman Elgamal, the founder and CEO of FriendyM, stated, “We aim to reach all segments of society, especially women because they are naturally less experienced in knowing what concerns the technical aspect of the car.”

Key Takeaways

With over 6 million cars on Egypt’s roads, the majority of which are passenger cars and second-hand vehicles, the northern African nation has one of Africa’s most extensive vehicle fleets. Like every populous developing country, the large market for used cars, which is dominated by unorganized dealers and classifieds, has attracted startups looking to digitize sourcing, distribution, and financing. With this, FriendlyM will rival the likes of Nigeria-based Autocheck, which only recently acquired a majority stake in Egypt's used cars marketplace, AutoTager.

FriendyM

Autotech

Egypt

Vehicle Maintenance

Venture Capital