Riyadh - Sharikat Mubasher: Octane, an Egypt-based digital platform for fleet and on-road expense management, successfully secured $5.2 million in a funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding.
Octane will use the investment to expand its acceptance network, deepen its technology stack, and accelerate its growth across Egypt and the Middle East and North Africa (MENA) region, the company announced in a statement today.
This investment represents a major milestone in Octane’s journey to modernize how fleets manage their on-road expenses, from fuel, maintenance, spare parts, and petty cash, all through a single, closed-loop digital wallet.
Amr Gamal, Co-founder and CEO of Octane, commented: “This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.”
Founded by Gamal and Ziad El Adawy in 2022, Octane provides a closed-loop digital wallet that consolidates on-road fleet expenses, including fuel, maintenance, tolls, spare parts, petty cash, and consumables, supported by spend controls and analytics to reduce waste and improve compliance.
It currently operates a fleet-payment network, spanning over 2,400 petrol stations and 400 CNG outlets, and serves more than 1,600 corporate clients with a combined fleet of around 250,000 vehicles across Egypt.
