IntiGo, Tunisia based start-up, announced that it has raised US$ 1M (TND 2.9M) in its recent round of funding.
Capsa Capital Partners, a local asset management firm, led the round with participation of US$ 710K, followed by some angel investors. Previously, IntiGo has raised US$ 300K from angel investors in February and another US$ 300K three months before that. Therefore, the new investment takes IntiGo’s total funds raised to date to US$ 1.6M.
Bassem Bouguerra, the co-founder and CEO of IntiGo, said that the investment will be used to further expand into categories that they’re currently operating in and also explore other potential areas like car sharing. He added that having an institutional investor on board, Capsa Capital Partners, is a validation of their business model and value proposition. Additionally, a part of the investment will be used to hire more resources and build and internal R&D team.
IntiGo, a ride-hailing and logistics start-up, was founded in November 2019 by Bassem Bouguerra and Nebil Jridet. Initially, it started as a motorbike hailing start-up; however, it has since expanded into various categories including delivery services.
IntiGo currently has a network of over 50 bikes that are used for ride-hailing and delivery services. The motorbikes are owned by the start-up, but the drivers are not on its payroll. They pay rent and a 20% commission on every ride to IntiGo.
The Tunisian start-up also launched its grocery and concierge delivery services in March as the demand for online grocery and concierge delivery services has rapidly grown due to the pandemic-induced-lockdown. The concierge delivery service allows users to book an IntiGo captain to run their errands for TND 12 (US$ 4) an hour. The grocery delivery service enables local grocery stores to deliver groceries to their customers. The orders are prepared by the grocery stores themselves and delivered by IntiGo.
Before COVID-19, IntiGo was conducting 12,000 rides a month. However, their ride-hailing activities were stopped due to the pandemic. IntiGo is currently planning to open up to independent drivers with their own motorbikes next month.