Egyptian Startup HitchHiker Secures USD 200 K Investment From Angel Investors
HitchHiker; a Cairo-based international Peer-to-Peer (P2P) shipping platform, has raised investment worth USD 200 K from a network of angel investors based in Dubai.
The startup is essentially a platform that assists people in having things shipped from one location to another international destination by connecting them with individuals who are heading to or from the intended destination and who possess some extra space in their luggage.
Through an app that is available for both Android and iOS devices, HitchHiker goes about linking people who have packages to be shipped to other people who are traveling to or from the intended locations. Although the startup prides itself in being a social network that is designed for this purpose, it might be more apt to think of it as P2P logistics network which seeks to eliminate the need for high-cost international courier services.
As part of the platform’s unique offerings, there is also a provision which allows for travelers who play the role of couriers to purchase things at the request of the shoppers available and have it delivered to them. And this is in addition to the obvious feature which allows for shipping of already possessed items from, say, Point A to Point B.
Suffice it to say that if one is holed up somewhere in Cairo and in need of a certain type of gadget that is only available in London, it is the job of HitchHiker to hook that person up with someone who will be journeying between both cities in the next couple days, and have them purchase the item and deliver it within a few days.
This business model can be thought to do a good job of helping travelers earn extra cash at no extra costs, as well as assisting shoppers in purchasing items at rates that are cheaper than what is obtainable from conventional local or online shopping platforms. It can also be considered to imply getting things delivered in far less time for people who are looking to purchase items internationally.
HitchHiker came into existence last year as the creation of the duo of Hussein Mahmoud El-Terawy and Hassan Selim. Since inception, it claims to have helped travelers earn nearly USD 300 K for delivering items to shoppers in various parts of the globe. It also boasts more than 50,000 downloads for its mobile application, as well as over 20,000 completed orders to date.
Until securing the latest investment, the startup’s operations are believed to have been hauled by the bootstraps and this injection of capital can be considered a timely exercise that will do a solid to the platform’s marketing, partnership, and team-building plans. And if you are wondering how the startup rakes in revenue, it is understood that USD 5.00 is charged as a commission for every transaction on the platform.