Fetchr announced today it raised $41 million in a series B round, 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.
In an interview, co-founder Joy Ajlouny says she plans to use the funds to introduce new products and features, and to expand Fetchr’s presence in the Middle East, including Jordan within the next two months and Oman by the end of the year. It already has operations in four countries: U.A.E., Egypt, Bahrain and Saudi Arabia.
The five-year-old startup tackles delivery challenges in Arab countries, where streets often lack a formal address. Customers can download its app and pinpoint their location on a Google map, allowing Fetchr drivers to rely on GPS to deliver packages. Fees range between $8 and $13, depending on weight. Ajlouny and co-founder and CEO Idriss Al Rifai will not disclose the number of deliveries Fetchr makes per day.
weight. Ajlouny and co-founder and CEO Idriss Al Rifai will not disclose the number of deliveries Fetchr makes per day.
In June 2015, they raised $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 U.S. 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 between $10 and $16.
Its latest feature, Fetchr Web, allows customers to schedule multiple orders at a time through its website. Aljouny says it’s geared to businesses, making it more convenient to schedule deliveries. The startup has partnered with UPS and FedEx to deliver orders from the U.S., and with DHL for deliveries in the Middle East.
“It’s all about having the logistics company being able to find them [customers]. We’re changing that paradigm, making sure it’s the job of the logistics company to find you and not you to stay home for six hours,” says Al Rifai.
Reference: Sertin, Carla. “Dubai-Based Logistics Startup Fetchr Raises $41 Million To Expand In The Middle East” www.forbesmiddleeast.com
https://www.forbesmiddleeast.com/en/dubai-based-logistics-startup-fetchr-raises-41-million-to-expand-in-the-middle-east/ (accessed May 16, 2017)