Fetchr, a delivery business and consumer technology app dedicated to disrupting shipping by eliminating the need for a traditional address, using its patented mobile technology solutions, today announced that it has raised $41 million in a Series B financing round led by New Enterprise Associates Inc. (NEA), to continue expanding globally and developing its proprietary technology.
Fetchr’s innovative and technological edge in an antiquated industry comes at a time when e-commerce is growing in the MENA region and there has been a lot of focus on the delivery industry to enable the growth of e-commerce. The interest from regional investors including Majid Al Futtaim Holding, a leading regional group with a portfolio of companies including the largest malls, retail, and leisure brands is a testament to the expected changes in the retail environment that fetchr will continue to facilitate. Other investors in the round include Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo, Venture Souq and Swicorp.
Fetchr tackles the “no address problem” in emerging markets, typically encountered by traditional companies delivering packages to customers. In a region where more than 80% of users have smartphones, fetchr is tackling delivery challenges by going directly to customers’ phone and capturing the geo-location for package deliveries. With technology at the center of their business model, fetchr’s vision is to address the shipping challenges across all emerging markets and make delivery as easy as shopping online. In August 2016, fetchr launched its on-demand delivery service “NOW” that allows customers to receive door-to-door deliveries within an hour.
Fetchr is currently operational in UAE, Saudi Arabia, Egypt, and Bahrain, with plans to expand its footprint in MENA and beyond. Fetchr is also partnering with governmental organizations like Oman Post, to deliver the technology-backed delivery solutions extending its technology through strategic partnerships.
“Fetchr has demonstrated impressive growth since our initial investment in 2015,” said Scott Sandell, Managing General Partner at NEA and fetchr board member. “They’re revolutionizing global e-commerce by enabling delivery access via mobile (in contrast to the traditional requirement of a physical address). We’re thrilled to continue partnering with the team as they further expand their reach among the two billion customers in emerging markets worldwide.”
“Fetchr has revolutionized and digitized deliveries, enabling ecommerce and providing a seamless delivery experience across the booming ecommerce industry in the MENA region and we’re excited to see their continued growth and expansion across the region and beyond” said Abdulrahman Addas CEO of MAF Holdings.
“More than two billion people live without an address. 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,” said Idriss Al Rifai, Founder & CEO at fetchr.
“I am excited that fetchr is the first company in the Middle East to employ women couriers in Dubai and an all women call center team in Saudi Arabia. It is my passion to create gender equality and more jobs that empower women to break out of traditional roles,” concluded Joy Ajlouny Co-founder and Creative Director.