Latest news with #ShorooqPartners
Wamda
4 days ago
- 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.
Yahoo
21-04-2025
- Business
- Yahoo
UAE doubles down on crypto despite $5B token crash and regulatory heat
It's inevitable in the world of crypto: increased adoption leads to more risk. Last week, a token issued by a Hong Kong blockchain company backed by Abu Dhabi's Shorooq Partners plunged 90% in just a few hours, wiping out $5 billion in market value. The company had previously signed a $1 billion tokenization deal with Dubai property developer DAMAC Group. Around $250 million worth of the token was sold in the week leading up to the crash — Shorooq denied selling, news site AGBI reported. Just days earlier, Abu Dhabi regulators fined crypto platform Hayvn $12.5 million and banned its CEO for 'unlicensed financial services activity.' No client funds were lost. Still, the UAE remains bullish on the space. MGX — backed by Mubadala and AI firm G42 — recently invested $2 billion in the world's largest crypto exchange Binance. And Abu Dhabi-based DWF Labs disclosed a $25 million purchase of tokens tied to US President Donald Trump's crypto venture, becoming one of its biggest holders. Sign in to access your portfolio
CairoScene
28-02-2025
- Business
- CairoScene
Saudi-Based CQR Secures $3 Million in Funding Led By Shorooq Partners
CQR raised funding to scale AI-powered cybersecurity solutions for OT, protecting sectors like oil, gas and smart cities. Feb 28, 2025 CQR, a Saudi-based firm specialising in Operational Technology (OT) cybersecurity, has raised $3 million in funding, led by Shorooq Partners. The investment will allow CQR to enhance cybersecurity for critical infrastructure like oil and gas, power plants, and smart cities. CQR is shifting OT cybersecurity from the traditional service-based model to a scalable, AI-powered, product-centric solution. This new approach comes at a critical time as the convergence of IT and OT increases cyber threats to national infrastructures. CQR's flagship product aims to protect operations from cyber risks by integrating AI for threat detection, risk scoring and automated responses. 'Cyber threats in OT environments are evolving rapidly, and traditional security models are no longer enough. At CQR, we are reengineering cybersecurity for industrial operations-building innovative, product-driven solutions that make OT security accessible, efficient, and highly scalable,' said Naser Aldossary, Founder & CEO of CQR. The funding will allow CQR to expand its capabilities and enhance its product offerings, making OT cybersecurity more accessible, efficient and scalable.
