Dubai-based delivery app Fetchr closes $41m funding round
Dubai-based delivery app Fetchr has announced the closing of a $41m Series B funding round led by New Enterprise Associates.
The company said malls operator Majid Al Futtaim was a key regional investor in the round. Other investors included Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo, Venture Souq and Swicorp.
Investors in previous rounds have included Saudi telco Mobily.
Fetchr’s app is designed to address the lack of an addressing system in many emerging markets by tracking customers’ smartphones to determine their geolocation for package delivery.
The company currently operates in the UAE, Saudi Arabia, Egypt and Bahrain and plans to use the funds to further expand its footprint in the Middle East and North Africa and other markets.
It is also partnering with government organisations like Oman Post.
“More than two billion people live without an address. While these emerging markets represent the key for the growth of e-commerce in the next decade they are still being catered to with an antiquated address-based delivery software. This is both ineffective and incredibly frustrating for customers who think ‘mobile first’ throughout the region,” said Idriss Al Rifai, founder and CEO of Fetchr.
Source: Gulf Business