United Arab Emirates-based e-commerce logistics service Fetchr has raised $15m from investors including shipping services firm CMA CGM and diversified conglomerate Tamer Group, Bloomberg reported yesterday.
Venture capital firm Beco Capital filled out the round, which is pending approval from Fetchr’s stockholders and which could reach a $25m close.
Fetchr provides a consumer goods delivery service for online merchants based in the Middle East. It received a $10m bridge loan in December 2019 to halt bankruptcy proceedings, and has since slashed 1,230 jobs and ceased operations in Bahrain, Jordan and Oman.
The latest capital will be used to enter Saudi Arabia, where Fetchr received a domestic and cross-border parcel delivery permit from the country’s Communications and Information Technology Commission last month.
The company had secured $41m in series B funding in 2017 from investors including property and retail group Majid Al Futtaim, conglomerates Kanoo and Almajdouie (the latter through Raed Ventures), and financial services firm Swicorp.
The round was led by New Enterprise Associates (NEA) and featured Beco Capital, NGP Capital, Iliad Partners and Venture Souq.
Telecommunications firm Etihad Etisalat subsidiary Mobily Ventures invested an undisclosed sum in the company in August 2015, two months after NEA led an $11m series A round that included Delta Partners, Dhabi Holdings, Triple Point Capital and Ben Narasin.
