UAE-based Fenix, a micro-mobility startup, on Wednesday, announced that it has been launched in the UAE, post-raising seed capital of $3.8 million from Maniv Mobility, an Israel-based venture capital fund. The funding round is notably the largest pre-launch funding in the UAE startup ecosystem till date.
Founded by IQ Sayed, ex-Careem executive; and Jaideep Dhanoa, former regional head of Circ, Fenix will begin its operations from Abu Dhabi and expand its operations across Turkey and the rest MENA region.
Speaking of the launch and funding for Fenix, IQ Sayed, in a press statement said,
“The birth of Fenix is conjoined with the rebirth of our cities, our societies, and our economies as we transition out of Covid-19 lockdowns. We believe micro-mobility has an important role to play in navigating an uncertain present to a better tomorrow. We want to transform the way our cities move and ignite impactful commerce by making mobility easier, cheaper, and quite simply redesigned, so we can all reach our potential. Increasing mobility connectivity creates a more productive and inclusive economy and facilitates local commerce in our communities. Our collaboration with Maniv Mobility and this historic seed investment provides the resources and expertise for Fenix to build technology innovations that best service the mobility needs of the people and city partners in our region.”
Micro-mobility domain has garnered prominence for itself as a safest means of transportation and logistics amid the COVID-19 outbreak. And initially, the micro-mobility sector will have to bear lesser competition, whilst being an investible sector.
Back in June, Circ shut down its operations due to the COVID-19 outbreak and Careem too halted its bicycle-sharing business in the UAE. Last month, Berlin-based micro-mobility provider TIER, entered Dubai with the launch of its e-scooters, marking the first e-scooter service in the emirate since after e-scooters were banned by the Road and Transport Authority (RTA) on safety grounds in 2019. LAFFAZ exclusively reported the launch of TIER e-scooters last month.