Image Courtesy : buseet.com
Buseet, Cairo’s bus service startup has been successful in raising seed funding by Cairo’s angel investors and other investors from the Gulf and Singapore as confirmed by Angel Network. The amount of funding is not disclosed yet. With the infusion of capital , the company seems to expand to regions of MENA along with increasing its product offering.
Cairo is known for its traffic woes. Founded in 2016, the startup is a private player who has made it’s mission to offer people in Cairo and other parts of Egypt a reliable, safe and affordable way to commute. It is a premium mass transportation platform that offers commuters with modern buses at affordable prices than Careem and Uber and better than public transportation. The company also graduated from Startup Bootcamp’s Smart City Accelerator in Dubai last year. It was one of the ten startups selected among the thousands applications received.
Buseet is a product of combined efforts by three friends Amr El-Sawy, Khaled Moawad and Mohamed Abdel Aziz who came up with the idea due to their own problems of traffic in the country. They have diverse experience of more than twenty roles in engineering as well as developmental. They were the first movers to provide such a service in the country but the competition has gradually picked up since then.
“We’re excited about this round that will help us expand our team and strengthen our tech to offer a high-quality service for everyday commuters. Moving forward our focus is to shift more car owners to save time and effort wasted in driving to ride Buseet, hence improve their daily commute experience while reducing the number of cars and traffic,” said Amr El Sawy, Co-Founder and CEO of Buseet.
Aly El-Shalakany, Chairman of Cairo Angels was also eager to share his thoughts on this victory. “We are very confident that Buseet can compete and continue to deliver a compelling solution to a very real problem that is clearly identifiable across emerging markets and beyond,” he said.
The bus service industries are getting the eyes of investors all through the world. At one place the ride hailing company Careem has announced to acquire Commut, a shuttle bus service startup in India. This is believed to be expansion of this Dubai-based company like octopus tentacles to the places it has no presence. Also, according to Magnitt, transportation tech sector recived a total funding of $151 million making it the highest funded sector in MENA region.