Octane, the Egyptian fleet and logistics tech startup, has announced the successful close of a $5.2 million funding round. The round was co-led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding (SC Holding), with participation from several strategic investors across the MENA region.
Founded in 2022, Octane has rapidly become a market leader in fleet expense management through its digital wallet platform. The company helps businesses consolidate and control all on-road expenses—including fuel, maintenance, spare parts, and tolls—through one streamlined solution.
“We’re building the financial infrastructure that fleets across MENA need to operate more efficiently,” said Amr Gamal, Co-Founder and CEO of Octane. “This investment enables us to scale our acceptance network, advance our AI capabilities, and prepare for the shift to cleaner mobility options like EVs.”
Currently, Octane’s platform is integrated with more than 2,400 petrol stations and 400 CNG outlets in Egypt. The company serves over 1,600 corporate clients, collectively managing a fleet of approximately 250,000 vehicles.
Octane’s system also offers real-time controls, visibility, analytics, and fraud prevention tools, helping clients cut waste and optimise routes. The company is piloting EV charging integrations as part of its future-facing mobility strategy.
Laila Hassan, General Partner at Algebra Ventures, described Octane as a transformative player in fleet finance.
“They’re tackling one of the biggest pain points in transportation—inefficient and unaccountable spending,” she said. “Their platform is poised to become a critical layer in the region’s logistics infrastructure.”
Tamer Azer, Partner at Shorooq Partners, added: “Octane is bridging the gap between payments and fleet operations. What they’re building is essential for the second wave of MENA’s mobility evolution.”
Use of Funds
According to the company, the newly raised capital will be used to:
- Expand the merchant acceptance network across Egypt and into other MENA markets
- Invest in AI-driven features, such as fraud detection and route optimisation
- Build out EV compatibility within its digital wallet
- Strengthen its technology and infrastructure to support large-scale growth
As fleet costs rise and logistics businesses seek digital solutions, Octane is positioning itself as a critical enabler of transparency and efficiency in on-road expense management.
