Fetchr secures $41 million in Series B funding led by New Enterprise Associates
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 has demonstrated impressive growth since our initial investment in 2015,” said Scott Sandell, Managing General Partner at NEA and fetchr board member. “They’re revolutionising 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’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 ecommerce. 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 per cent 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 centre 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.
“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.
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 organisations like Oman Post, to deliver the technology-backed delivery solutions extending its technology through strategic partnerships.