Fetchr, a delivery business, has secured $41 million in Series B funding led by New Enterprise Associates and other VC firms.
Fetchr, a delivery business and consumer technology app dedicated to disrupting shipping by eliminating the need for a traditional address, using its patented mobile technology solutions, today announced that it has raised $41 million in a Series B financing round led by New Enterprise Associates, Inc.
Fetchr’s innovative and technological edge comes at a time when e-commerce is growing in the MENA region and there has been a lot of focus on the delivery industry to enable the growth of eCommerce.
The interest from regional investors including Majid Al Futtaim Holding, a leading regional group with a portfolio of companies including the largest 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, typically encountered by traditional companies delivering packages to customers.
In a region where more than 80% of users have smartphones, fetchr is tackling delivery challenges by going directly to customers’ phone and capturing the geo-location for package deliveries.
In August 2016, fetchr launched its on-demand delivery service “NOW” that allows customers to receive door-to-door deliveries within an hour.
The company is currently operational in UAE, Saudi Arabia, Egypt and Bahrain, with plans to expand its footprint in MENA and beyond.
Fetchr is also partnering with governmental organizations like Oman Post, to deliver the technology-backed delivery solutions extending its technology through strategic partnerships.
“Fetchr has revolutionized and digitized deliveries, enabling eCommerce and providing a seamless delivery experience across the booming eCommerce industry in the MENA region and we’re excited to see their continued growth and expansion across the region and beyond” said Abdulrahman Addas, Chief Corporate Development Officer of MAF Holding.
“More than two billion people live without an address. While these emerging markets represent the key for the growth of eCommerce in the next decade they are still being catered to with an antiquated address-based delivery software. This is both ineffective and incredibly frustrating for customers who think ‘mobile first’ throughout the region,” said Idriss Al Rifai, Founder and CEO of the company.
“I am excited that fetchr is the first company in the Middle East to employ women couriers in Dubai and an all women call center team in Saudi Arabia. It is my passion to create gender equality and more jobs that empower women to break out of traditional roles,” concluded Joy Ajlouny, Co-founder and Creative Director.
For more information, visit https://www.fetchr.us