Mayday raises investment from angel investors
Source: MENAbytes
Egypt-based roadside assistance platform Mayday has raised six-figure investment, the startup told MENAbytes without disclosing the exact size of investment. The round was led by Vflock Angel Network and joined by Alex Angels and Falak Startups. Mayday was part of Falak’s second cohort and the accelerator and early-stage investor has now participated in the latest round with follow-on funding.
Founded last year by Mohamed Aboelfotouh, Islam Ahmed, Amr Essam, Mayday offers different types of roadside assistance services including towing, tire repairs, battery jumpstart, oil change, and fuel, to individuals and businesses, through its mobile application (and hotline: 19618), across Egypt. The startup was second place winner of RiseUp’s pitch competition last year.
Mayday offers these services through its network of over 1,200 service providers ranging from two trucks for the heavy-duty jobs to ‘motorcycles built for speed’ with average service delivery time at twenty-eight minutes.
The startup that launched its full operations in January this year claims to have completed over 5,500 successful rescue requests across 24 major cities and highways in Egypt.
Mayday also has partnerships with different businesses including Careem, Shell Helix, and EG Bank, offering its roadside assistance services to customers and/or employees of these companies. The startup told MENAbytes that it has recently also signed an agreement with one of the world’s leading insurance companies operating in the Egyptian market (without disclosing its name) to provide roadside assistance services to its customers starting next month.
Mohamed Aboelfotouh, the founding partner of Mayday, speaking to MENAbytes, said that closing this round is a key milestone in Mayday’s journey, “We’ve been bootstrapping for better part of the year and now finally have the opportunity to invest in a solid marketing plan to drive awareness, further improve our technology and work on enhancing our service offerings with a focus on B2B.”
