Egyptian-based ride-hailing service Halan announced it would be expanding its operations to more nations after closing a multi-million-dollar Series-A investment.
The funding round whose details was not disclosed was co-led by Singapore’s Battery Road Digital Holdings and Egypt’s Algebra Ventures. Other monies came from shareholders.
Halan, which is also operational in Sudan, helps users to hail motorcycles and tricycles aka tuktuks.
In an exclusive report, MenaBytes, a technology news publisher said that Halan closed the multi-million-dollar round of funding earlier this year.
The startup now boasts of over 3 million rides since inception. The company now wants to channel the funding into its expansion strategies as well as improving its offerings.
The ride-hailing startup, which is one of the fastest growing apps in Egypt, also wants to use the funds to drive further development of its technology.
Halan was founded in 2017 by Mounir Nakhla and Ahmed Mohsen. The duo would later be joined by Careem’s former regional director Mohamed Aboulnaga as a co-founder and Chief Commercial Officer.
According to Nakhla, the company’s most popular service has been ride-hailing through tuktuks.
Nakhla says Halan was rolled out to solve a real problem, to serve a real need in the market.
“While other people were looking at informal and rural communities as spaces full of challenges and poverty, my experience with micro-finance in underserved markets showed me how much wealth and opportunity there is,” he says in a statement.
“Halan is a technology solution that is built to put people first and improve their livelihoods. All over the country, it moves people and goods safely, efficiently, and economically and generates thousands of jobs. We will use this round of funding to expand to more cities and more countries, offer more services, and to build better technology.”
Halan currently boasts a roster of about 70 employees, most of whom work away from the company’s office in Cairo.