The tech-enabled, last-mile logistics startup intends to use the investment to expand its AI infrastructure.
Quiqup, a tech startup that specialises in on-demand and same-day delivery in the UAE and London, has announced that it has raised $5.5 million in Series B funding, led by Delivery Hero and including strategic shareholders, Cedar Mundi, JOBI Capital and Transmed.
Founded in 2017 as a UAE/UK-based company, the startup uses a decentralised, AI-powered last-mile logistics infrastructure to offer retailers and restaurants on-demand and same-day delivery services. In a pandemic-hit 2020, Quiqup has experienced incredible growth, particularly in UAE - so much so, that global consultancy firm, Bain & Company, has predicted that it will triple in size over the next three years.
As of now, the startup is working with over 800 brands in the UAE, but intends to channel the new investment into expanding its AI-driven logistics infrastructure, with the ultimate goal of offering business best-in-class delivery services. Like so many startups this year, Quiqup has found opportunity amidst uncertainty, as it rides the wave of accelerated digitalisation.
“We managed to quickly expand by diversifying our portfolio to include new sectors such as pharmaceutical clients and also add more grocery businesses,” co-founder and CEO, Bassel El Koussa, reflected on a peculiar period. “These positive developments opened up a whole new universe of clients, which encouraged us to raise further investment. Inspired by our success and the projected long-term trends of the space, we are now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region.”
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