The Egyptian startup is the third Falak Startups graduate to score investment this month!
Cairo-based roadside assistance platform Mayday has raised six-figure investment in a round that 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, without disclosing the specific amount of funding to the public. As revealed in a statement to MENAbytes, the investment will help Mayday emerge as a clear leader in the Egyptian roadside assistance market for both consumers and businesses, and support further growth as it seeks gain more investment in the future.
Established last year by Mohamed Aboelfotouh, Islam Ahmed, Amr Essam, Mayday offers a variety of different types of roadside assistance services including towing, tire repairs, battery jumpstart, oil change, and fuel, to individuals and businesses, through its mobile-based application, in Cairo, Giza, Alexandria, and Delta.
“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. We are thrilled to have this strong group of investors join our company and we will work to realise our vision to establish MAYDAY as the leader in the field of roadside assistance and automotive services,” says Mohamed Aboelfotouh, Founding Partner of Mayday.
As an up-and-coming startup, 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 these four governorates of 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, and is planning to continue ensuring a satisfying partnering experience by pairing up with other corporations.
“We at VFlock were happy to lead this round and syndicate it with both Falak and Alex Angels, a good example of ecosystem players coming together and pooling resources to support a good startup while adding a great lineup of investors to Mayday’s support system,” says Adel El Boseli.
“We believe that Mayday is one of our best investments made in the past two years. They’ve been growing with flying numbers in a very limited time. They’re proving that our initial investment was worth every penny and we didn’t hesitate to join and support their new round, because we trust they’ll scale to even greater heights. They’re a strong team with great vision and passion tackling an important problem in a fragmented market,” says Yousef El Sammaa, the Managing Director of Falak Startups.
This is the third Falak company to have announced an investment within the last two weeks; mobile packages optimisation app Raseedi, and trash exchange marketplace Bekia, being the other two. The startup was second place winner of RiseUp’s pitch competition last year.
Sign up for the daily Startup Digest.