# Shift EV

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/shift-ev

- Industry: Electronics
- Headquarters: 6th of October, Egypt
- Website: www.shift-ev.com
- Total disclosed funding: $9M
- Latest round: Series A (Apr 7, 2022)
- Investors on record: 4

## About

Based in Greater Cairo, Egypt, and founded in 2019 by Aly El Tayeb (CEO), and Amr Helmy (CTO), Shift EV is an electric mobility startup that converts fossil-fuel-powered vehicles to electric vehicles for a fraction of the cost of a new electric vehicle. In April 2022, Shift EV raised USD 9 million in series A funding co-led by returning investors Algebra Ventures, Union Square Ventures, and Wamda Capital. As of June 2022, the company has locations in Egypt and New York.

The company creates lithium-ion battery packs that are installed in the existing chassis to provide electric mobility in minivans and tricycles. Shift EV has also developed ShiftWare fleet management software, which allows fleet managers to remotely monitor their fleet's movement, achieved savings, electricity consumed, emissions eliminated, available battery range, and mileage. The company collects fleet vehicle information, costs, and routes in order to provide fleet managers with a personalized electrification proposal. Furthermore, the company offers driver training classes as well as a full charging setup, once they are converted to EVs.

The company intends to use the April 2022 funds to onboard more clients and scale its operations across Middle East and North Africa  (MENA). The company also aims to expand its operations to pick-up vans, in addition to tricycles and minivans.

## Funding rounds

- Series A, Apr 7, 2022, $9M — Union Square Ventures, Wamda Capital, Algebra Ventures, Oman Technology Fund
- Seed, Jun 1, 2021 — Union Square Ventures, Wamda Capital, Algebra Ventures

## Investors

- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Seed, Series A
- Wamda Capital (https://capitalatlas.ai/funds/wamda-capital) — Seed, Series A
- Algebra Ventures (https://capitalatlas.ai/funds/algebra-ventures) — Seed, Series A
- Oman Technology Fund (https://capitalatlas.ai/funds/oman-technology-fund) — Series A