World Bank In­vests $50M in Jor­dan’s In­no­va­tive Star­tups Fund

Arabnet - The Quarterly - - Industry Stories -

Dubai-based lo­gis­tics startup Fetchr raised $41M in a se­ries B round, in May. Iliad Part­ners were a ma­jor in­vestor in the round, with a $2M in­vest­ment. They joined a num­ber of global and re­gional VCS who par­tic­i­pated in the Se­ries B round, which was led by Sil­i­con Val­ley­based VC New En­ter­prise As­so­ciates (NEA), and in­cludes Ma­jid Al Fut­taim Hold­ing (MAF) and Nokia Growth Part­ners (NGP), among other in­vestors. Ac­cord­ing to Iliad Part­ners, this in­vest­ment round is one of the largest Se­ries B rounds in MENA; it comes at a time of high growth and rapid change in the MENA ecom­merce sec­tor fol­low­ing the land­mark ac­qui­si­tion of by Ama­zon. Iliad Part­ners is stretch­ing its arms to the emerg­ing ecosys­tem of com­pa­nies sup­port­ing dig­i­tal com­merce, where the firm sees an ex­pand­ing range of promis­ing op­por­tu­ni­ties. Within that con­text, the VC firm states that Fetchr is achiev­ing high growth and scal­ing rapidly; it is solv­ing a real prob­lem in the last-mile de­liv­ery space in emerg­ing mar­kets via its in­no­va­tive tech-en­abled so­lu­tion, driv­ing faster, more ac­cu­rate and ef­fi­cient de­liv­er­ies.

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