Octane Raises $5.2M to Scale Egypt's Largest Fleet Payment Network Across MENA
Wamda: Cairo-based Octane has closed a $5.2M funding round led by Shorooq Partners, Algebra Ventures, and Elsewedy Capital Holding — backing its ambition to become the definitive fleet expense management platform across the Middle East and North Africa.
Read the full article on Wamda →The Company Behind the Round
Founded in September 2022 by Amr Gamal and Ziad El Adawy, Octane was built around a clear gap in Egypt's commercial fleet sector: businesses managing hundreds of vehicles had no reliable, fraud-proof way to control fuel and maintenance spending. Everything ran on cash and paper — creating opacity that cost operators millions annually.
What the Platform Does
Octane operates a closed-loop digital wallet for fleets — covering fuel payments at 2,400+ stations, digital toll gate payments, maintenance authorization at 500+ service centers, and consumables procurement via its O-Store marketplace. Every transaction is tied to a specific vehicle and driver via NFC, logged in real time, and visible on a unified management dashboard.
Where the $5.2M Goes
The fresh capital will go toward expanding Octane's acceptance network across Egypt, deepening its AI-powered fraud detection and route optimization capabilities, and accelerating entry into Saudi Arabia — scheduled for Q3 2025 — with two additional MENA markets under evaluation for 2026.
Investor Perspective
Shorooq Partners cited Octane's strong unit economics and the scale of the untapped opportunity in MENA fleet management as primary drivers of their conviction. Algebra Ventures' Laila Hassan noted that the B2B fleet payment space remains one of the largest cash-based gaps in the region's financial infrastructure — and that Octane is uniquely positioned to close it.