Egyptian home services platform Filkhedma closed second investment round
Filkhedma, an Egyptian home services marketplace, has just closed its second investment round led by Algebra Ventures and Glint Consulting. This undisclosed investment follows KiAngel's investment in Filkhedma in 2016.
The investment will help the egyptian startup to attract more talent to work in operations, development, and marketing teams in addition to significantly growing its user base, according to Omar Ramadan, Filkhedma's founder and CEO.
Founded in September 2014, Filkhedma is a marketplace for quality home maintenance and improvement services including plumbing, carpentry, electricity, air conditioning, painting, home appliances and satellite dish.
The Egyptian startup managed to to grow its service range and geographical coverage to serve thousands of customers with nine on-demand services and at a repeat order rate that exceeds 75 percent.
“We are happy to welcome Algebra Ventures and Glint as partners in our vision to solve Egypt's daily pain with home services. Our growing team is now working hard to revamp our technology and offer a seamless customer experience in what has always been a messy process in Egypt,” he said.
Tarek Assaad, managing partner at Algebra Ventures, said: “We are excited to support Filkhedma in this new growth phase. We believe technology will add significant efficiency to the home services market, and Filkhedma is the best positioned player to lead the creation of that value.”
In turn, Irini Raafat, cofounder and associate partner at Glint Consulting, said: "We are excited about this investment that would help address the needs of households and businesses, reinvent the service culture and create more employment and additional income opportunities for service providers.”