Dubai, September 3, 2020
Iliad Partners Invests in Fetchr’s Series C Round
Fetchr raises new round to execute new leadership team's transformation plan overhauling technology and strategy with a focus on the Saudi market as well as streamlining operations
Fetchr, the MENA region’s leading last mile logistics on-demand company, has announced that it has successfully raised its Series C round. Iliad Partners is participating in the round, which was led by BECO Capital, Tamer Group, CMA CGM and its logistics arm CEVA Logistics.
The company has secured this funding on the back of a comprehensive technology, leadership, and strategy overhaul that has seen operations streamlined and the launch of new major business development initiatives. Fetchr has sharpened its focus on Saudi Arabia by activating its own Courier and Express Clearance license in the country and is executing against a plan that includes a revenue diversification strategy for different product lines and the improvement of profitability to reach breakeven later this year. Growth plans for taking the company global and reaching the Chinese, US, UK, and EU markets, are expected to further improve financial results.
The overhaul has been led by a transformation team including Hussein Hachem, former CEO of Aramex, Iyad Malas, former CEO of Majid Al Futtaim, Munther Hilal, Founder of Gate Capital and Mazen Mamlouk, former CEO of Falcon Aviation who served as Interim CEO. Hussein Wehbe, former UPS and Aramex Managing Director has been appointed as the new CEO.
The new Board will consist of Colin Bryant representing New Enterprise Associates (NEA), Dany Farha of BECO Capital, Youmna Assaf representing CMA CGM and its logistics arm CEVA Logistics, Laurent Viguier of Tamer Group, and Mazen Mamlouk of the Gate Capital transformation team.
The investment comes at a time when strong logistics networks are key to support the rapid rise of e-commerce across the MENA region, especially post-COVID19. The pandemic has accelerated the on-going transition to e-commerce and online which is driving a massive rise in demand for last mile delivery. Major retailers in the GCC have witnessed an increase in online sales of up to 800% with 90% of consumers in KSA and UAE now purchasing online, according to Fetchr.
Founder & Managing Partner of Iliad Partners, Christos Mastoras, stated “As long-standing investors in Fetchr and the space, we have supported the company from the beginning and through difficult times. Iliad Partners is now backing its Fetchr 2.0 transition led by a solid new team and supported by top investors. We are happy to see a renewed focus on sustainable growth, streamlined operations and solid execution in KSA, the GCC’s largest market. At a time in which “e-commerce enablement” and strong logistics networks are key for the MENA region, Fetchr is well positioned to navigate the complex and challenging post-COVID19 world to be the leading player in this space. This is a story of resilience – the resilience of Fetchr and the resilience of our MENA tech startup ecosystem to overcome adversity through hard work and persistence. Congratulations to the team. We look forward to continuing to work with them .”
About Iliad Partners
Iliad Partners is a venture capital firm focused on early stage investments in tech startups in the Middle East and North Africa (MENA). Based in Dubai, United Arab Emirates and with a presence in Riyadh, Saudi Arabia, Iliad invests in innovative companies with solutions localized for the MENA region and executed by strong founders and experienced teams. Initial focus included investments in “e-commerce enablement” in sectors such as logistics, transport, and mobility, and has since expanded to encompass broader digitization themes and verticals including fintech, insurtech and proptech. As former entrepreneurs with a global perspective and operating experience, the Iliad team provides hands-on operational and business development support, and access to the Iliad regional and global network. Join our #epicjourney.
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