Egyptian deep-tech startup EVRAID plans to launch a $2M funding round in early 2027, with the aim of closing it within six months. The company said it will use the capital to expand supplies and component inventories, increase production volumes, lower manufacturing costs and strengthen battery quality testing.
EVRAID is also targeting a $400K round by the end of October 2026 to secure certifications for its battery management systems (BMS), which would support exports. According to Ahmed Ismail, the company’s engineering business developer, EVRAID has started discussions with venture capital funds and investors it met through startup programs.
Founded in December 2023, the Egyptian startup develops BMS, battery packs and electric powertrain systems for scooters, bicycles, light electric vehicles, golf carts and forklifts. It operates on a B2B model and works with local companies including Rabbit Mobility, while also engaging potential customers outside Egypt.
EVRAID has produced about 1,000 batteries since the start of 2026 and expects to deliver around 2,000 by year-end. Based on current contracts, it aims to produce more than 5,000 batteries per month in 2027, up from current factory capacity of about 10 batteries per day.
The company is expanding its factory in Abu Rawash, Giza, and plans to manufacture controllers locally. It currently sources around 40% of battery components domestically and is targeting African expansion alongside broader export plans.
Source: FintechGate
