- Shift has begun raising finance from several venture capital companies.
- The firm plans to take over the EV battery market in North Africa.
The Egyptian start-up Shift, known for its battery technology for electric vehicles, has begun fundraising from several venture capital companies to mount the electric vehicle battery market in North Africa.
The company supplied its first batch of electric vehicles in December 2021 and is set to expand its network of batteries for EVs in Algeria, Libya, Tunisia and Morocco. The capital, whose total value is unknown, will allow the start-up to convert 2,000 vehicles in its factory based in the City of October 6 in the governorate of Giza. The start-up converts combustion vehicles to electric vehicles on-site, using locally designed and manufactured batteries.
The fundraising was carried out with several investment companies such as Union Square Ventures based in New York in the United States of America, the Egyptian Algebra Ventures, the Oman Technology Fund, as well as the Dubai-based Wamda Capital in the United Arab Emirates (UAE) and founded in 2014 by Jordanian-Lebanese businessman Fadi Ghandour.