Shift EV, an Egyptian electric mobility company, has secured an undisclosed Series A investment round to help it enrol additional consumers and expand its operations into other Middle East and North Africa (MENA) regions.
Shift EV, founded in 2020 by Aly El Tayeb and Amr Helmy, transforms current gasoline-powered automobiles to electric vehicles using in-house developed and built batteries, and delivered their first fleet of electrified vehicles late last year.
Union Square Ventures, Algebra Ventures, and Wamda, all of which participated in the startup’s seed round last year, led the Series A investment round. The Oman Technology Fund was also present (OTF).
Shift plans to utilise the funds to enrol additional clients and expand its operations across the Middle East and North Africa. It presently has 2,000 automobiles in the works to be converted to electric.
“There are around 25 million commercial vehicles plying on streets across diverse emerging markets. From bicycles, pickup trucks, minivans, to small trucks. There is a massive multi-million market that awaits the EV disruption,” said Aly El Tayeb, CEO and co-founder of Shift EV.
“The pull factor about these batteries is that they are customisable and fit existing vehicles. Instead of making a battery for every vehicle we convert, we can make a few changes to the battery modular using the same design that we built from scratch.”
