TemTem raises $4 million in series A
Source: MenaBytes
Algiers-based ride-hailing startup TemTem has raised $4 million in a Series A round, the startup announced in a statement to MENAbytes today. The investment came from Tell Venture Automotive (that’s apparently associated with Tell Group, a Luxembourg-headquartered financial services company) and some other undisclosed investors. TemTem claims that it is the largest Series A investment raised by an Algeria startup.
The announcement of Series A comes a little over a year after TemTem announced its $1.7 million seed round, and takes total investment raised so far by TemTem to $5.7 million which makes it the best-funded Algerian startup.
Founded last year by Kamel Haddar, a serial entrepreneur who has previously founded some other digital ventures (and continues to lead them), TemTem offers ride-hailing services (of regular taxis, different types of cars, and bikes) to both individuals and businesses in Algiers, Oran, and Constantine.
TemTem works directly with over 150 companies to offer different types of ride-hailing services to their employees with the businesses getting invoiced for it at the end of every month. The startup has recently also launched delivery services for businesses.
Kamel in a conversation with MENAbytes revealed that they have plans to expand the services to ten more cities in Algeria without sharing further details.
The startup that currently employs a team of 40, according to the statement, has served over 200,000 customers to date and has over 4,000 drivers in its network.
“Today, TemTem has all cards in hand to become the market leader in the Algerian mobility sector. This new fundraising round confirms TemTem’s competitive position, the relevance of its strategy, and investor confidence in its strong growth potential. With this new capital, TemTem, will lunch two new innovative services centered around improving the daily lives of Algerians,” the startup said in a statement to MENAbytes without disclosing details of what those two new services will be.
