One of the leading Egyptian online marketplaces, FilKhedma, has just closed its second investment round for an undisclosed amount. Algebra Ventures and Glint Consulting led the round. Established in 2014 and currently operating in Cairo, FilKhedma is an online marketplace specialized in plumbing, carpentry, electricity, air-conditioning, and more. The startup also offers nine on-demand services with an average return rate of more than 75%.
The company is now planning to use the undisclosed funding capital to expand its product offering outside the capital city. It also hires talents for its operations, development, and marketing departments. Omar Ramadan, the founder of FilKhedma, commented welcomed the new partners Algebra Ventures and Glint on board saying that they would improve the Egyptian home services market together. He also highlighted that he would work hard to revamp the tech processes within the company to offer impeccable customer experience.
Known as one of the largest venture capitalist firms in Egypt, if not the biggest one, Algebra Ventures raised over US$40 million in December last year to invest in tech startups. The fund has already supported elmenus, the food discovery platform. It also backed the online grocery app GoodsMart.
Tarek Assaad, a managing partner in Algebra Ventures, commented he was excited to join the company at its new growth phase. He also added that he strongly believed in the company’s potential and said it was the best-positioned market player on the home-services market scene in Egypt.
According to Irini Raafat, the co-founder, and associate partner at Glint, Filkhedma would disrupt the home supplies and services market by connecting people with businesses. It would also offer quick access to reliable, high-qualified professional technicals through the use of the latest technologies. She also commented that their investment would help satisfy the needs of professional services of numerous households and businesses in Cairo and beyond. It would also create more employment opportunities for service providers, concluded Raafat.