Dubai-based Fetchr to invest AED150m in ME expansion
Fetchr has raised US $41 million in a series B round, and plans to use the funds to introduce new products and features, and to expand Fetchr’s presence in the Middle East.
According to a report by Forbes Middle East, the express courier company will also focus on establishing a base in Jordan by August and in Oman by the end of the year.
The series B round was led by returning investor New Enterprise Associates, with participation from Majid Al Futtaim Holding, BECO Capital, Nokia Growth Partners, Raed Ventures, Iliad Partners, Venture Souq, Swicorp and YBA Kanoo, which sold its courier service to Fetchr in March.
Fetchr already has operations in four countries: the UAE, Egypt, Bahrain and Saudi Arabia. The company seeks to make door to door deliveries easier in parts of the Arab world where many homes don’t have a formal address.
Customers can download its app and pinpoint their location on a Google map, allowing Fetchr drivers to rely on GPS to collect and deliver packages.
In June 2015, they raised US $11 million in a round led by Silicon Valley’s New Enterprise Associates. Fetchr was the first Arab startup to get early stage funding from a major US venture capital firm.
Since then, it has launched a fast growing on demand service Fetchr Now, which delivers in under 45 minutes, compared to same-day or next day delivery with standard service. Fetchr Now costs double that of the normal service.
Fetchr Web, which allows customers to schedule multiple orders at a time through its website, was launched a few months ago and is geared toward businesses with more frequent delivery needs.