Dubai-based logistics startup Fetchr on Monday confirmed that the company has closed a $15 million Series C funding round. Back in July, Bloomberg reported about Fetchr’s plan for fundraising in order to save the company from collapsing. The names of the investors who participated in the round are not disclosed.
The company in a statement has shared that it is looking to raise another $10 million funding before the year-end and also planning to rebrand.
With the fresh funds, Fetchr is planning to extend its operations to China, the US, UK and EU region, and that it is exploring strategic partnerships with global service providers and large retailers.
Commenting on the investment round, Mazen Mamlouk, interim CEO of Fetchr in a statement said,
“I’m pleased to note that the work done by Fetchr’s transformation team has placed it in a great position to take advantage of new opportunities as well as to meet new challenges. It took a lot of hard work and tough decisions, as we optimised operations, diversified revenue streams, reduced costs and charted a clear path to profitability to bring about the turnaround in the company’s prospects,”
The retail industry has seen tremendous growth due to the Covid-19 pandemic. Major retailers in the GCC have seen an increase in online sales ranging from 50 per cent to 800 per cent and now 90 per cent of consumers in KSA and UAE are purchasing online, the statement added.
Hussein Wehbe, who is going to be the next CEO of Fetchr, said,
“Retail, e-commerce and individual customers can expect to see a competitively efficient and speedy operation that translates into lower costs and higher end consumer happiness. We have developed a great product mix for B2C, B2B and C2C clients and differentiate from traditional logistics companies by offering flexible cash solutions among other incentives,”
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