The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show. Fetchr’s turnaround is overseen by prominent businessmen such as Iyad Malas, the former chief executive officer of Majid Al Futtaim, Gate Capital founder Munther Hilal and Hussein Hachem, who led logistics firm Aramex for five years. Thank you! One of Middle East’s Largest Startups Narrowly Averts Collapse. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25m, according to documents seen by Bloomberg. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25m, according to documents seen by Bloomberg. It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December. Triska Hamid. Trustworthy. ... Saudi Arabia - Toll Free . Porsche Lists Five Reasons, Kylie Minogue: My boyfriend is so supportive, Saudi Arabia will be ‘one of the first countries’ to receive COVID-19 vaccines, Cristiano Ronaldo inches towards international goals record, First Bangladeshi Original streaming now on OTT, Funds platform AJ Bell to overhaul board with new recruits, Make a Wish Foundation UAE helps ailing children possess their dream pets. Fetchr secured at least $15m in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse. Fetchr’s interim chief executive officer Mazen Mamlouk confirmed the details of the financing round. Yes, Tesla Tequila is actually a real drink, US Vice President-elect Kamala Harris inspires hope, dreams in her ancestral India, Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article, Download the all-new Microsoft News app – available now on iOS and Android. Healthcare services and training have become top priorities for the Saudi government, and it is committed to invest in optimizing the local pharmaceutical industry and to create a robust healthcare infrastructure, which calls for improved cold chain management and perfect last-mile delivery. 800 3010004. ADIO allocates AED 152 million to agritech startups, Mena-based angel investors invest in Pakistan's Conatural, DIFC’s Innovation Hub to support Dubai’s future economic growth. Manolo Blahnik – The ultimate jewelled shoe, Honda is bringing Level 3 autonomy to production vehicles in Japan, Libya initiates a fresh peace process, but serious obstacles remain, Letters: UAE a beacon of tolerance, says reader, 'Who wouldn't want to play for Barca?' It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December. • 24 July, 2020. TrackingMore is a third party parcel tracking tool (also known as multi-carrier tracking tool) which supports online parcel tracking of worldwide 477 express and postal couriers. The producer group is considering keeping additional supply off the market for three to six months. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg. Triska Hamid It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December. Fetchr’s interim chief executive officer Mazen Mamlouk confirmed the details of the financing round. Representatives for BECO, CMA CGM and Tamer Group didn’t immediately respond to emails seeking comment. Egypt +20 2599 1000. Mamlouk will soon pass the reins to Hussein Wehbe — the former managing director of United Parcel Service Inc.’s Middle East business – but will remain as an adviser with Fetchr, he said by phone. Can all humans really aspire to same set of values? Like us on Facebook to see similar stories, THREE ISRAELI AIRLINES TO OPERATE DUBAI FLIGHTS FROM DECEMBER, Russian COVID-19 vaccine demonstrates high efficiency, Van de Beek: I have shown that I can add something to Man Utd, OPEC sees coronavirus hampering oil demand recovery into 2021, Meditate with Urmila: Learn to be an observer, What Makes The Carrera GT Great? Fetchr, established by CEO Idriss Al Rifai and Joy Ajlouny, hoped to connect a hole in the UAE showcase, where conveyance benefits regularly miss the mark towards the finish of the coordination chain. Wamda accelerates entrepreneurship ecosystems throughout the Mena region by joining Wamda’s multi-stage, sector-agnostic investment vehicle, focused on partnering with high growth technology or technology-enabled startups, as well as the leading knowledge platform offering integrated programmes including thought leadership and research, community development, Wamda’s fellowship programme Wamda X, as well as corporate and government advisory services to the various stakeholders of the Mena startup ecosystem. Fetchr works in the UAE, Saudi Arabia, Egypt, and Bahrain, with another financing round for the organization prone to be sent in extending outside of the locale, as per CB Insights. Dubai-based delivery app Fetchr is taking on its biggest challenge yet as it builds up presence in Saudi Arabia. Since then, the company has brought in new management, reduced the rate at which it burns cash and closed operations in Jordan, Bahrain and Oman, according to the latest documents. BMW M5 CS Has Nurburgring Map On The Headrests, Hints At New Record? Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300m in a 2017 fund-raising round. Fetchr secured at least $15 million in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show. 1 day ago. Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300 million in a 2017 fund-raising round. It also cut about 1,230 jobs. Representatives for BECO, CMA CGM and Tamer Group didn’t immediately respond to emails seeking comment. Fetchr’s interim Chief Executive Officer Mazen Mamlouk confirmed the details of the financing round. You scale, we scale. Please check your email to confirm your subscription. Mamlouk will soon pass the reins to Hussein Wehbe -- the former managing director of United Parcel Service Inc.’s Middle East business - but will remain as an adviser with Fetchr, he said by phone. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25m, according to documents seen by Bloomberg. Fetchr raises $15m for Saudi Arabia expansion David Ndichu. We're genuine and sincere. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show. The app, which officially launched in Jeddah, Dammam, and Riyadh last month, is developing solutions that cater to consumers and businesses in the kingdom. Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers. Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300m in a 2017 fund-raising round. Overvalued Malaysia Super League players need a salary cap, says FA Selangor sec-gen. Saudi Arabia is investing heavily in the healthcare sector and is building several medical cities. Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers. Latest business news and events happening within the Middle East region. Author: Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers. E-commerce retailers can set up a scheduled delivery by simply using a customer’s mobile phone’s GPS co-ordinates, thereby aiming to consistently deliver to the correct location. Learn more, Wamda is licensed under a creative commons attribution-nonCommercial - noDerivs 3.0 unported license. Fetchr allows both the community and businesses to send or receive anything, anywhere, in the Middle East. It also cut about 1,230 jobs. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg.