After just 5 months since its launch, Ousta announced today that it has secured a first round of capital increase from a syndicate led by experienced Angels and Venture Capitalists from Egypt and U.A.E in exchange of a minority stake.
Ousta is the first Egyptian - world class - ride hailing mobile application, and since its inception, 5 months ago, Ousta has been leading ride hailing expansion in Egypt, and able to maintain its exponential growth, through operating in 11 cities, and 30% weekly growth rate.
"OUSTA secured USD 1.25 million as a bridge investment round that will be followed by another significant round of investment soon." explained Nader El-Batrawi- Founder and Chairman of Ousta.
"The funding will be used to develop our team, increase availability to satisfy the growing demand of our customers, which will accelerate our penetration and expansion in all main cities in Egypt." said Omar Salah, Co-Founder and CEO of Ousta.
The investment in Ousta by an experienced syndicate of VCs and Angel Investors is a proof of the viability of Ousta business model, which recognizes the growth potential in the Egyptian market. In addition, this syndicate is bringing to Ousta a new level of corporate governance with a proven track record of execution that will help supporting its expansion plan locally and regionally.
Nader also highlighted: "We are proud to be a local company founded by Egyptians, with a main focus to have a strong and recognizable presence in our home country before expanding to any other country."
Omar added "We passion the shared economy business model, because it fundamentally helps the cities we work in by creating thousands of jobs for both genders, improving household incomes, optimizing personal transportation, saving customers' precious time, and also decreasing CO2 emissions, which improves our air quality. Our main goal is not just to build a strong and profitable business, but to participate in building better economy and environment."
We believe in Ousta's vision, work ethic and ability on execution. Ousta application is built with solid and stable infrastructure with a great user experience interface. Noteworthy, the on demand industry is no doubt the future of not just personal transportation, but will bring more great services to Egypt and soon the region. And this bridge finance will be used mainly to maintain its business, while discussing the potential of another significant round of capital increase" as explained by the VC Fund Manager, and Nancy Farag - CEO of Axia Capital the buy side advisor to the VC.
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© Press Release 2016
