Dubai-based fetchr, a delivery and consumer technology app startup focused on innovating logistics in the Middle East and North Africa, recently announced raising $41 million in a Series B venture funding round led by New Enterprise Associates.
Additional participants in fetchr's Series B round include Majid Al Futtaim Holding and Nokia Growth Partners, among others.
Fetchr seeks to address issues that arise when eCommerce buyers don't have a traditional address — a problem encountered by many traditional delivery companies across emerging markets. To do this, the startup's mobile solution captures smartphone geolocation information for package deliveries.
“More than 2 billion people live without an address,” said aid Idriss Al Rifai, founder and CEO at fetchr. “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.”
Today, fetchr operates in the United Arab Emirates, Saudi Arabia, Egypt and Bahrain. The company plans to use the cash raised in the Series B round to further develop its proprietary technology and expand to more nations in the Middle East and North African regions.
To extend its reach, fetchr is extending its technology through strategic partnerships and cooperation with government delivery and logistics organizations.