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Upon graduation from the 6th edition of the accelerator program Zain Great Idea, the Kuwait-based Tech startup and automotive maintenance platform Bnchr+ has successfully raised its SEED round. The fundraise was backed by ZGI partner Brilliant Labs in partnership with Rasameel Investment Company through their joint Brilliant Starts fund.
Founded in 2018, The Kuwait-based startup set forth to disrupt automotive after-sale servicing by introducing their on-the-go geolocalized servicing platform. Users can choose from a wide range of car care services from changing parts and refilling fluids, to fine-tuning, checking, and programming and instantly book it to their location.
As observed in our Q3 2021 EVM Transport & Logistics Venture Investment Report, the T&L sector in MENA has raised 30% more funds by Q3 2021 than in full year 2020. Driving this growth was UAE-based T&L startups in the lead of capital deployed, where Lyve Global, Trukkin, Fenix, and Udrive had raised more than 40% of total capital deployed in MENA by the third quarter of the year. Most remarkably, however, was a solid base of Early-Stage deals (<$500K) where Early-Stage transactions recorded 35% of all T&L deals closed across MENA. Amongst these deals, where certain investor interests in the automotive subsector, backing technologies in car service, rental, and purchase. In 2021 YTD, at least 10 rounds backed the automotive industry in MENA with major rounds closed by car marketplace Seez and car care platform Odiggo, both based in the UAE. Other Early-stage rounds were close by on-demand car servicing platforms including Garaji and MySyara, and p2p car rental platform ESARCar.
BNCHR+ was one of the very first startups amongst its ZGI cohort to raise funds, where this latest investment comes as a market validation after they raised program partner interest which translated into their Seed round. Founded by Ali Alhaddad and co-founder Faisal Alibrahim the round puts the startup at a post-money valuation of $3M+.
It is worth noting that BNCHR+ played a very important role during Coronavirus (COVID-19) pandemic, by providing on-the-spot car services in Kuwait. It offered its clients a very special home service after acquiring a permit to do so during the lockdown by the Ministry of Interior. BNCHR+ employees and technicians have succeeded in providing excellent maintenance service to car owners throughout Kuwait, and that was one of the main pillars of success for the company.
Being a prominent participant in this year’s ZGI edition, the Kuwait-based Tech startup secured investment from people who believed in their vision of delivering high-level, forward-looking insights on hundreds of thousands of car owners across Kuwait. The startup will be using its newly acquired funds to further develop its platform and support its scaling operations as it services the Kuwait market.
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