Egypt’s FriendyM raises $2 million to scale its services nationwide

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January 15, 2024
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2 min read
used cars
Image source: BusinessDay

The news: 

  • FriendyM, a Cairo-based autotech startup, has raised $2 million to expand its car management and maintenance services to all governorates in Egypt — beyond Cairo and Alexandria, where it already operates. 
  • Following the new capital injection, the Egyptian startup plans to enrol at least 100,000 vehicles on its mobile app within a year.
  • The company has yet to reveal the investor(s) in this funding round. 

FriendyM, founded in 2016 by Abdelrahman Elgamal (CEO), offers several services to car owners, including maintenance, car management, expense tracking, and concierge. 

FriendyM says its mobile app sends reminders to car owners on the platforms to keep scheduled maintenance appointments and carry out routine maintenance operations like oil checks. 

It also helps handle car expenses like parking, cleaning, and fuel bills. According to the company website, car owners can chat with mechanical engineers and specialists in real time. 

Elgamal claims that the autotech company is looking to reach out to all societal segments to provide its services to those who need them the most, including women who have historically been underrepresented in the field of automotive technology. 

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Outside of Egypt, FriendyM is already operational in the Kingdom of Saudi Arabia and the United Arab Emirates, from which it intends to expand further throughout the Middle East and North Africa.

The company says it is currently working on adding Lite and Elite concierge services to its app. When the company launches these offerings, FriendyM says users can have dedicated mechanical engineers check in on them every three months through the Lite services.

They can also request relief vehicles during emergencies and car replacements through the Elite services.

Like every developing country with a sizeable population, Egypt has a large second-hand car market typically dominated by poor regulation and unorganised dealers. With FriendyM targeting the same market with digital solutions, many expect it to provide some structure to the Egyptian auto market.  

FriendyM will compete with Nigerian-based Autocheck, which bought a majority stake in Egypt's used car marketplace, AutoTager.

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https://techpoint.africa/2023/04/18/autochek-acquires-autotager/

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