Advancetire has received a USD 2.5mn working capital loan from XSML, a deal which marks the impact investor’s first deal in the sector.
With the sector set to grow by 10% as a result of government investment in key sectors such as manufacturing, infrastructure, construction, real estate and agriculture to diversify the economy, Advancetire is positioning itself to be a key automobile parts partner.
The company has a total of five shops, three of which are in Luanda, one in Soyo in the North of the country, which is also the largest oil-producing region, and Lobito where the country’s main seaport Is located. It was founded in 2019 by Radwan Faraj.