Dubai-based Fetchr, a delivery-business and consumer technology app, has secured $41 million in a Series B financing round led by New Enterprise Associates Inc. (NEA), the start-up announced.
The app addresses 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
The $41m raised in funding will help it to continue to expand in the Middle East and developing its proprietary technology, the founders said.
As well as returning investor NEA, the series B round has generated interest from regional investors including Majid Al Futtaim Holding, Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo , Venture Souq and Swicorp.
At a time when e-commerce is growing at a rapid pace in the Gulf region, the app continues to evolve. 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 organisations 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.”