As recently announced by the angel network, Buseet; a Cairo-based startup that runs a shuttle bus service has secured investment of an undisclosed valuation from Cairo Angels and 500 Startups. Alongside the duo in this funding round are some other international angel investors from Singapore and the Gulf, who make up the rest of the investors in this round of investment.
Buseet was co-founded by the trio of Amr El-Sawy, Khaled Moawad, and Mohamed Abdel Aziz in 2016. The startup claims to offer an easy-to-use, convenient, and low-cost technology solution to the daily transportation and commute needs of a considerable number of individuals.
Buseet is looking to grab its own portion of the transport-tech market share by providing a premium mass transportation platform which utilizes modern luxurious buses for the movement of what is believed to be thousands of commuters on a daily. The platform can be thought to be unique in that serves up a cheaper alternative compared to other players in the regular ride-hailing sphere, while also affording customers the luxury, comfort, and convenience that is not usually obtainable with other options when it comes to public transportation.
The startup which prides itself as a pioneer in the bus fleet arm of the Egyptian transport-tech scene is also believed to be gearing efforts towards launching in Dubai soon after participating in the 2017 edition of the prestigious Dubai-based Startup Bootcamp Accelerator and successfully graduating as one of ten startups in the first cohort.
With the investment forming part of a seed investment round that includes 500 startups, alongside other angel investors, the startup now appears to be well-placed in its bid to consolidate its position and grab a significant chunk of the market share from what is becoming a fast-growing and exciting sector. Buseet will be looking to leverage the infusion of capital in such areas as increasing its product offering and exploring other markets in MENA.
Remarking with respect to the development, Amr El-Sawy, Co-Founder and CEO of Buseet, expressed his excitement at the successful closing of the investment round while also implying that the funds will come in handy in driving team expansion plans, as well as in strengthening the technology of the startup with a view to serving up improved services for everyday commuters. The CEO’s words can also be construed to imply that the startup is looking to fine-tune its services so as to attract more car owners in the future by convincing them to enjoy the Buseet experience instead of spending too much time, effort, and gas money on daily commutes. This, the CEO believes, will do have the dual effect of enhancing commute experience and reducing cars and traffic on roads.
A similar opinion is shared by Aly El-Shalakany, Chairman of Cairo Angels, who echoed the thoughts of the startup’s CEO, when he expressed his confidence in the ability of Buseet to thrive in the market and also deliver a game-changing solution to an undeniable anomaly that is present in both emerging markets and beyond.
The timing of the investment may also be thought to be quite interesting as the announcement of the funding deal is coming barely 24 hours after ride-hailing company, Careem, announced the acquisition of Commut; a shuttle bus service startup with operations in India – a development which the Dubai-based ride-hailing startup is believed to be used as a springboard for branching into bus bookings across all cities where it has presence. With these developments coming within what seems like a hair’s breadth of one another, the bus shuttle service division of the transport-tech sector might just be in for big changes as startups appear to be plotting massive onslaughts.
Feature image courtesy: Buseet.com