Logistics company secures $41M in Series B funding
Fetchr, a tech company disrupting the traditional logistics sector in the MENA region, secured 41 million dollars in a Series B financing round led by New Enterprise Associates Inc. (NEA), to continue expanding globally and developing its proprietary technology.
The company was founded in 2012 by Idriss Al Rifai, CEO and founder and Joy Ajlouny, cofounder and creative director. Its technology uses customers’ mobile’s geo-location as a physical address to deliver packages straight to them, wherever they are.
NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 195 portfolio company IPOs and more than 320 acquisitions.
The interest from regional investors including Majid Al Futtaim Holding, a leading regional group with a portfolio of companies including malls, retail, and leisure brands, is a testament to the expected changes in the retail environment that fetchr will continue to facilitate. Other investors in the round include Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo , Venture Souq and Swicorp.
Fetchr tackles the ‘no address problem’ in emerging markets, encountered by traditional companies delivering packages to customers. The company is currently operating in the UAE, Saudi Arabia, Egypt and Bahrain, with plans to expand its footprint in MENA and beyond. It is also partnering with governmental organizations like Oman Post, to deliver the technology-backed delivery solutions extending its technology through strategic partnerships.