Shift EV, an Egyptian electric mobility startup, has secured Series A funding

Shift EV, an Egyptian startup in electric mobility, has raised an undisclosed Series B round of funding to expand its operations and onboard more clients. 

Aly El Tayeb, Amr Helmy and Amr Helmy started the foundation in 2020. Shift EV converts existing fuel-run cars into electric vehicles using its own designed and manufactured batteries. The company delivered its first fleet last year.

The startup’s Series A funding round was led by Union Square Ventures, Algebra Ventures and Wamda, all of whom participated in its seed round last year. The Oman Technology Fund (OTF) joined them. 

Shift will use the funds to expand its operations in MENA and onboard new clients. The company currently has 2,000 vehicles ready to be converted to its electric solution. 

“There are around 25 million commercial vehicles plying on streets across diverse emerging markets. There are many types of vehicles, including pickup trucks, minivans and 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 customizable and fit existing vehicles. We don’t have to make a new battery for every vehicle that we convert. Instead, we can modify the modular battery using the same design we created from scratch.

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