Saudi-based Mobily Ventures, the venture capital arm of telecoms firm Etihad Etisalat, announced that it is investing in Dubai-based smartphone app Fetchr.
The investment figure was not disclosed.
The shipping and logistics startup offers a smartphone app that facilitates quick package delivery. It allows consumers to use their phones’ GPS coordinates to schedule deliveries and pick-ups.
“We look for strong teams innovating to solve important problems,” said chairman of the Mobily Ventures Karl-Michael Henneking.
“Fetchr is one such company that we believe will vastly improve the shipping options businesses and consumers in the region have.”
Fetchr earlier announced in June that it had received a round of funding from Silicon Valley based New Enterprise Associates. The investment was the largest ever received by a start-up in the Middle East from US based venture funds for a Series A.
In an interview with Gulf Business last month, the chief executive and founder of Fetchr Idriss Al Rifai stressed that the company had strong potential.
“Receiving a package has always been a painful experience. We want to change that and make the shipping experience as delightful as shopping,” he said.
“We are working around your schedule and your constraints, and not the other way around.”
One of the next features that company is planning to launch is international peer to peer deliveries.
“The on-demand delivery space is blossoming with hundreds of new companies disrupting an industry that hasn’t seen much change in the past 30 years,” he said.
“The trend is clear in the US and Europe where technology brought the delivery experience to a whole different level. We want to drive the change in the Middle East and Africa and provide a better experience for the customer: easier to use, faster and more predictable and transparent,” he added.