Egypt: Fleet management platform raises $5.2m funding
Egypt-based Octane has raised $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding.
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Egypt-based Octane, a 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.
Unlike traditional fuel cards, Octane offers a closed-loop digital wallet that consolidates all on-road expenses – fuel, maintenance, spare parts, petty cash and more – into a single platform. Real-time controls and analytics provide fleet operators with greater visibility – often reducing avoidable fuel and mileage costs by double-digit percentages.
“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.”
“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.”
“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.”
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