Q-commerce startup Fiz raises $2.5 million in pre-Seed
- Kuwait-based e-grocery delivery startup Fiz has raised a $2.5 million pre-seed round, led by the Taken Seat and Relish Venture Partners, with participation from Kuwait-based angel investors.
- Founded in 2021 by Abdullah AlMutawa and Ahmad Salamah, Fiz offers over 1500 SKUs and promises deliveries in 10-15 minutes.
- The platform is set for launch early this year.
Co-founded by the team behind Bilbayt and Carriage, Fiz, the rapid grocery delivery startup has raised a $2.5M pre-seed round co-led by The Taken Seat and Relish Venture Partners, with participation from Kuwait based angel investors.
Founded in the summer of 2021, Fiz will soon be operational in multiple high-density neighbourhoods in Kuwait. The rapid grocery delivery startup is aiming to deliver approximately 1,500 SKUs in 10-15 minutes.
“The model is simple, it always has been, it's all about convenience and the next frontier is the ability to deliver in no time” says Ahmad Salamah, Co-founder and CEO. “Global players, such as Getir and GoPuff, developed the blueprint and the pandemic made it easier for consumers to shop online in the Middle East. All we needed to do was to ensure we had the right locations for our dark stores and the right catalog for our consumers”.
“Partnering with Ahmad was a no brainer, his vision and determination to crack the quick-commerce game in the Middle East was on point” said Abdullah AlMutawa, Co-founder. “Given our background in food delivery and being the first in the region to launch 30-minute restaurant deliveries, we know what it takes to ensure positive unit economics (particularly in suburban settings) and how favourable the Kuwait market would be as a launching pad for quick-commerce in the region”.
“We understood the opportunity and had taken a close look at the regional landscape before making our decision - this was the team to back!” says Waleed Al-Omar, co-founder of Relish Venture Partners. “The team’s strategy when it comes to their dark stores; location, size, accessibility was clear and diligent, especially given the changing regulations with regards to delivery bikes on Kuwait’s highways” added Waleed.
“Kuwait is the best test kitchen to codify our business model before a very fast regional roll-out,” says Musab AlMutawa, Co-founder. “We are already laying the groundwork for additional markets in the region and will have boots on the ground in early 2022”.
When asked about the launch date and the next funding round, Ahmad responded: “Fiz will be coming to a neighbourhood near you very early in 2022, as long as you are in Kuwait. As for our next round, we are continuously speaking to investors, locally, regionally and internationally - I am a firm believer in the motto, if you build it, they will come!”.