Nabilah Safira
TechInAfrica – Founded by serial entrepreneur Kalem Haddar, the Algiers-based ride-hailing startup TemTem has secured USD 4 M in Algeria’s biggest Series A round. The investment, as reported by MENAbytes, was made by TellVenture Automotive, a spinoff of Luxemburg-headquartered financial services company, along with other undisclosed investors. TemTem operates in Algiers and the coastal city of Oran. It planned to expand to 10 new Algerian cities during its last year’s 1.7 M angel seed raise.
TemTem is one of the hottest players in the field. With up to 45,000 users, 70,000 monthly completed rides, and 4000 drivers on its platform, it’s indeed placed real competition unto the growing market, with Algeria’s over 41 M people backed by a steady growth of technology adoption, which can be deemed an opportunity for ride-hailing firms. In the Middle East and North Africa (MENA), the ripe ride-hailing market prompted by a population of 180 million. As the best-funded Algerian startup, TemTem is on the watch, and it will increase in fleet and number of cars. The firm has achieved a self-set funding record in the country, as its USD 1.7 M seed last year was Algeria’s biggest startup investment.
Along with the acquired USD 4 M in TemTem’s seed round, last week, Uber also manage to acquire its MENA ride-hailing rival Careem in a deal worth USD 3.1 B, and in November 2018, Careem’s expansion to Algeria is in planning although there is no exact date yet. TemTem’s significant competitor, Yassir, an app launched in September 2017, still left TemTem with a larger war chest of funding of USD 5.7 M, which has Careem the only possible substantial competitor that needs TemTem’s consideration.
On the other spectrum is French cab-hailing company Heetch who’s snatched USD 38 M to expansion in Algeria, Cameroon, and Senegal, while Taxify is mostly concerned about English-speaking African countries.
Source: Weetracker.com
