Egyptian Autotech Startup FriendyM Raises $2 Million

FriendyM, an Egypt-based autotech company, has secured a $2 million investment to further expand its innovative car management and maintenance platform.

Launched in 2016 by Abdelrahman Elgamal, FriendyM offers a range of services, including maintenance, expense tracking, and concierge services. Already operational in Saudi Arabia, the UAE, as well as Egypt’s Cairo and Alexandria, the company plans to utilize the newly acquired funds to extend its services to all governorates across Egypt. FriendyM aims to reach 100,000 cars on its platform within the first year and expand its presence nationwide.

“We are happy to launch FriendyM in Egypt, which required our hard efforts and dedication to work through a professional and enthusiastic team to provide innovation and technology to our customers," Abdelrahman Elgamal, founder and CEO of FriendyM, tells StartupScene. "We also seek to exploit the digital transformation revolution brought about by the Egyptian state to enhance our presence in Egypt, meet the needs of our customers, and provide a unique experience.”

The FriendyM application streamlines car management by sending timely reminders for regular maintenance appointments and essential operations based on user-inputted car data. It also assists in calculating the average cost of operations and manages expenses such as fuel, parking, and cleaning. The platform allows users to attach invoices to their accounts and offers an expense analysis service to help manage and optimize spending.

The app plans to introduce additional services, including Lite and Elite concierge services with monthly fees, offering relief vehicles, car replacement, and exclusive discounts on maintenance costs and insurance subscriptions.