United Arab Emirates-based logistics technology provider Fetchr has raised $41m in a series B round backed by retail and leisure group Majid Al Futtaim as well as conglomerates Almajdouie and Kanoo.
Nokia Growth Partners, the corporate venturing subsidiary of communications technology producer Nokia, also participated in the round, which was led by New Enterprise Associates (NEA) and backed by financial services group Swicorp, Iliad Partners, Beco Capital and Venture Souq.
Almajdouie contributed to the round through its strategic investment unit, Raed Ventures.
Fetchr has developed technology that enables e-commerce businesses to ship products to consumers in the Middle East and North Africa (MENA) who do not have an address, and who have traditionally had to collect letters and other items at their local post office.
The platform relies on geo-location captured through a user’s smartphone to deliver packages.
Fetchr is currently active in the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, and will use the series B funding to boost its regional and international expansion efforts and support further technology development.
The company is seeking partnerships with governmental organisations to bring its technology to more consumers. It has already entered into a collaboration agreement with mail delivery service Oman Post.
Telecommunications firm Etihad Etisalat invested an undisclosed amount in Fetchr in August 2015 through its corporate venturing unit, Mobily Ventures.
NEA had led an $11m series A round in June 2015, with participation from Triple Point Capital, Delta Partners, Dhabi Holdings and angel investor Ben Narasin.
Abdulrahman Addas, Majid Al Futtaim’s CEO, said: “Fetchr has revolutionised and digitised deliveries, enabling e-commerce and providing a seamless delivery experience across the booming e-commerce industry in the MENA region and we are excited to see their continued growth and expansion across the region and beyond.”