Iliad Partners Invests in Fetchr’s Series B Round
May 16, 2017
Today Fetchr announced the closing of its $41 million Series B round. Iliad Partners is proud to be an investor in the round with a $2 million investment. We join a number of global and regional VCs who participated in the Series B round, which is led by renowned Silicon Valley-based VC New Enterprise Associates (NEA) and includes Majid Al Futtaim Holding (MAF) and Nokia Growth Partners (NGP) among other investors.
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 e-commerce sector following the landmark acquisition of Souq.com by Amazon.
The adjacent ‘e-commerce enablement’ space - the emerging ecosystem of companies supporting digital commerce - is one of the spaces in which Iliad Partners sees an expanding range of promising opportunities. The growth in online transactions and the need to digitize services that were previously offline makes this an exciting time for this space and more broadly for tech startups in the MENA region.
Within this context, 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. This is creating a better customer experience, while helping merchants tackle the challenges of doing business in the Middle East and enabling them to achieve higher growth, improved metrics, and a better bottom line.
Iliad Partners is excited to partner with a great team backed by strong investors in a promising space. We are also excited to see world-class players increasingly investing in MENA. We look forward to supporting Fetchr and additional MENA startups in the journey ahead.
About Iliad Partners
Iliad Partners is new Venture Capital firm that invests in early stage tech startups in the MENA region. Iliad works with experienced founders and innovative startups to build scalable high-growth ventures. Focusing on Series A and B rounds, Iliad believes in "disruptive localization": innovative yet proven, post-revenue concepts that are localized for the MENA region and executed by strong founders and teams. 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.