FENIX completes $5 million Seed investment
UAE-based micromobility operator FENIX has completed its $5 million Seed round, after securing a $1.2 million second close led by Saudi Arabia’s Emkan Capital and UAE-based Panthera Capital Ventures, to be added to the $3.8 million seed funding raised at its launch in November 2020.
Founded by ex-Careem executives Jaideep Dhanoa and IQ Sayed, Fenix is the first company in the Middle East to offer a subscription service for electric scooters. It retains the largest fleet of electric vehicles in the region and currently operates in Abu Dhabi, Ras Al Khaimah, Fujairah and Doha.
FENIX will use the investment to boost its research and development, in order to address markwt needs and continue its expansion plans in the GCC. The funding will also support FENIX’s goals to become the first national micromobility operator in all seven Emirates in the UAE in 2021 and the first Pan-GCC operator by 2022.
“There has been a profound demand for micromobility around the world and since the outbreak of the Covid-19 pandemic it has proven to be the safest and most efficient means of travel for commuters,” said Jaideep Dhanoa, co-founder and CEO of Fenix. “Closing a $5 million Seed round from value-adding investors that understand our market provides tremendous support to bring our vision to fruition and we would like to thank Emkan Capital and Panthera Capital Ventures for placing their trust in FENIX.”
Micromobility will be a critical component of the broader transportation spectrum according to Ghassan Aloshban, general partner at Emkan Capital.
"We have been thoroughly impressed with FENIX’s operational proficiency, their unit economics are the best we’ve seen in the micromobility space,” he said.