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The Dubai-based Fetchr, co-founded by Endeavor Entrepreneur Idriss Al Rifai, raised $11 million in a Series A round of funding led by New Enterprise Associates (NEA). The app helps local merchants and global brands build, launch and grow profitable e-commerce businesses with an easy-to-use proprietary shipping and logistics solution. This investment marks the largest U.S. Series A investment in a Middle Eastern venture to date.
Fetchr was founded with the aim of taking the hassle and inconvenience out of package delivery. In emerging regions of the world where addresses are inconsistent and often unreliable, there is a major challenge for deliveries. This challenge prevents consumers from ordering items online, businesses from growing their revenue via e-commerce, and people from sending packages to each other. Organizing pickups and deliveries still requires multiple phone calls and shipping businesses are still relying on paper and pen.
Fetchr uses proprietary technology to schedule package pick-up and delivery using mobile phone GPS coordinates as the address. While e-commerce is growing at explosive rates around the world, it will never reach its full potential until the “no street address” problem is cracked. Fetchr overcomes these logistical hurdles by delivering packages using mobile phones as points of contact. This groundbreaking shipping and logistics solution helps local merchants and global brands build, launch, and grow profitable e-commerce businesses. Fetchr is significantly faster than competitors, with 97 percent of packages delivered same day or overnight, and a return process that picks up within 30 minutes. Fetchr’s system connects the dots between customer, package, driver, and sender to create an overall seamless experience.
This Series A investment will enable Fetchr to launch the mobile application of its service in the Appstore and Google Play, as well as fuel ongoing product development.
“Consumers use their phones to shop for just about everything,” said Idriss Al Rifai. “With our app, you can now use your phone to ship anything, anywhere. We aim to change the behavior in which people send and receive packages. We are thrilled that NEA shares our vision for overcoming the major logistical challenges that exist for deliveries in emerging markets, as well as ushering in a new era for shipping and ecommerce. This investment is a big step forward for the Arab startup community.”
Since joining the Endeavor network in 2015, Fetchr’s founding team have been active members of the network, receiving custom advisory services from a board of Endeavor mentors. In addition, Endeavor has connected the team with other entrepreneurs and a number of investors who will help them continue to grow their business model in this next phase.
Read more about the investment news in the Wall Street Journal.
About Endeavor Catalyst
Endeavor Catalyst is a passive co-investment vehicle that allows Endeavor Global to invest in Endeavor Entrepreneurs in a neutral, unbiased way. The main goal of this program is to use the returns of the investment to support Endeavor’s operations. The fund also contributes to Endeavor’s mission as it promotes professional third-party angel and venture capital investors to take a stronger interest in emerging market investment opportunities.
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