Egyptian Home Services Startup FilKhedma Nabs Investment from Algebra Ventures, Glint Consulting
The maintenance service provider is poised to cement its position as Egypt’s most popular home improvement platform. Earlier in 2016, the startup had raised EGP 1 million from KiAngel.
Cairo-based home maintenance marketplace FilKhedma has just raised a seed investment from Algebra Ventures - Egypt’s largest VC - and Glint, a consulting and investment firm. "We are happy to welcome Algebra Ventures and Glint as partners in our vision to solve Egypt's daily pain with home services. Our growing team is now working hard to revamp our technology and offer a seamless customer experience in what has always been a messy process in Egypt," says the startup's founder Omar Ramadan.
Launched in 2014 as a means of providing reliable home maintenance solutions to Egypt’s largest city, FelKhedma links top technicians with customers in need of a range of services, from plumbing and carpentry to electricity and painting. Its popularity has blossomed and the company now enjoys a repeat order rate of over 75 percent from its user base. This is the second investment round for the home services provider - Egyptian angel investor KiAngel injected the startup with EGP 1 million ($56,600) back in 2016.
The latest investment from Algebra Ventures and Glint Consulting, for an undisclosed mount, will help the growing company develop its operations and marketing team, as well as expand considerably. “We are excited to support FilKhedma in this new growth phase. We believe technology will add significant efficiency to the home services market and FilKhedma is the best positioned player to lead the creation of that value. We were impressed by the vision of the company and the execution capabilities of the management team,” says Tarek Assaad, Managing Partner at Algebra Ventures. The major VC recently finalised its largest deal yet, a $1.5 million investment in Egypt’s ElMenus platform.
Irini Raafat, co-founder of Glint Consulting, remarks that the investment firm sees promise in the developing startup. "We believe that Filkhedma is disrupting the home services market in Egypt by connecting households and businesses with reliable, high quality professional technicians through the use of technology. We are excited about this investment that would help address the needs of households and businesses, reinvent the service culture and create more employment and additional income opportunities for service providers."
Main image courtesy of FilKhedma.
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