Egyptian motorcycle and tuk-tuk ride-hailing startup Halan has raised a multi-million dollar funding round as it looks to expand its smart transportation solutions across a number of markets.
Founded last year by Mounir Nakhla and Ahmed Mohsen, Halan is a ride-hailing and on-demand logistics application which has already facilitated over three million rides across several governorates in Egypt and Sudan.
The funding round was secured earlier this year, and though the exact amount is undisclosed Halan has confirmed it is a multi-million dollar funding round co-led by Singapore’s Battery Road Digital Holdings and Egypt’s Algebra Ventures, which was joined by existing strategic shareholders and individual investors.
“Halan is a technology solution that is built to put people first and improve their livelihoods. All over the country, it moves people and goods safely, efficiently, and economically and generates thousands of jobs. We will use this round of funding to expand to more cities and more countries, offer more services, and to build better technology,” said Nakhla.
Algebra Ventures’ managing partner Karim Hussein said his company was excited about its investment in Halan, which he said was providing a highly underserved and large segment of the population with affordable, convenient, and safe transportation.
“They’re helping people get to work and get their children to school, and they will continue to provide additional high-quality services to the community. We believe that Mounir and his team have the vision and the expertise to make accessible smart transportation a reality for all in Egypt and beyond,” he said.
This is just the latest in a batch of major funding announcements for tech startups in Egypt, with recent significant raises secured by the likes of Vezeeta and Swvl.