DUBAI, United Arab Emirates--(BUSINESS WIRE)--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. (NEA), to continue expanding globally and developing its proprietary technology.
Fetchr’s innovative and technological edge in an antiquated industry 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 e-commerce. 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. With technology at the center of their business model, fetchr’s vision is to address the shipping challenges across all emerging markets and make delivery as easy as shopping online. In August 2016, fetchr launched its on-demand delivery service “NOW” that allows customers to receive door-to-door deliveries within an hour.
Fetchr 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 demonstrated impressive growth since our initial investment in 2015,” said Scott Sandell, Managing General Partner at NEA and fetchr board member. “They’re revolutionizing global e-commerce by enabling delivery access via mobile (in contrast to the traditional requirement of a physical address). We’re thrilled to continue partnering with the team as they further expand their reach among the two billion customers in emerging markets worldwide.”
“Fetchr has revolutionized and digitized deliveries, enabling e-commerce and providing a seamless delivery experience across the booming e-commerce industry in the MENA region and we’re excited to see their continued growth and expansion across the region and beyond,” said Abdulrahman Addas, CEO of MAF Holdings.
“More than two billion people live without an address. While these emerging markets represent the key for the growth of e-commerce 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 & CEO at fetchr.
“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.
Fetchr is a tech company, disrupting the traditional logistics sector in the MENA region. The company was founded in 2012 by Idriss Al Rifai, CEO and Founder and Joy Ajlouny, Co-Founder and Creative Director. Fetchr’s sophisticated technology uses customers’ mobile’s geo-location as a physical address to deliver packages straight to them, wherever they are. For more information, visit https://www.fetchr.us.
About New Enterprise Associates Inc. (NEA)
New Enterprise Associates, Inc. (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. For additional information, visit www.nea.com
About Majid Al Futtaim Holding
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. Since its inception, it has grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, with 20 shopping malls, 12 hotels and three mixed-use communities, and further developments underway in the region.
*Source: ME NewsWire