Octane Raises $5.2 million to Transform MENA Fleet Payments

Octane, Egypt's leading digital platform for fleet and on-road expense management, has successfully closed a $5.2 million funding round. The investment was led by Shorooq Partners, along with Algebra Ventures and Elsewedy Capital Holding. The funds will be utilized to enhance Octane's technology stack, broaden its network, and support its growth within Egypt and the broader Middle East and North Africa (MENA) region. Octane offers a unique digital wallet that consolidates expenses related to fuel, maintenance, spare parts, and more into a single platform. The platform currently supports transactions for diesel, gasoline, and CNG, and plans to launch EV-charging payments at pilot locations. Established in September 2022, Octane has quickly expanded to cover a vast network of over 2,400 petrol stations and 400 CNG outlets in Egypt. The funding aims to further develop AI-powered fraud detection and route optimization features, ensuring greater efficiency and accountability in fleet operations. According to Laila Hassan from Algebra Ventures, Octane's vision is to bring accountability and control to fleet operators in a market plagued by inefficiencies and fraud.