Dubai-based delivery app Fetchr – which tracks customers’ smartphones to determine their geolocation for package delivery – has announced the closing of a $41 million Series B funding round led by New Enterprise Associates.
Majid Al Futtaim was a key regional investor in the round; other investors including Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo, Venture Souq and Swicorp.
“Our success is another proof that start-ups are disrupting the region and its traditional business models. I am very happy we managed to gather some of the best funds from the Silicon Valley, and regionally too with the support of Majid Al Futtaim,” says Fetchr founder & CEO Idriss Al Rifai. “We want to change the way logistics is being operated and make your phone your home and put the customer on the driver’s seat of his own experience.”
“We hope that this round of funding will shine a light on this region of the world and pave the way for other investors to look at the incredible talent and ideas brewing here. The start-up revolution here is in its early stages and we feel immense responsibility to pave this road for others and look forward to the challenge,” adds co-founder Joy Ajlouny.
Fetchr 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 & North Africa and other markets.