Fenix’s $3.8 Million Seed Round Marks the First Israeli VC Investment in a UAE Tech Startup

Founded by a dynamic duo of innovative transport experts, UAE-based Fenix made history on two counts this week as the company secured the country’s largest ever pre-launch funding round and the first ever venture capital investment from an Israeli firm in the country. The news comes just months after the UAE officially normalised relations with Israel.

Offering micro mobility solutions in the form of electric kick scooters, Fenix is the brainchild of former Careem and Circ colleagues Iq Sayed and Jaideep Dhanoa. Hoping to introduce electric kick scooters to the UAE market en masse, Fenix will enter the market with the region’s largest fleet of micro mobility e-vehicles.“The birth of Fenix is conjoined with the rebirth of our cities, our societies, and our economies as we transition out of Covid-19 lockdowns. We believe micro mobility has an important role to play in navigating an uncertain present to a better tomorrow,” explains Sayed.

Launching first in Abu Dhabi, before plans to expand to the rest of the UAE, the Middle East, Africa and Turkey, Fenix’s e-scooters tout themselves as the ‘world’s first Covid-ready rides’ and all come equipped with built-in sanitisation equipment. Users download an app to locate and book a scooter, then use the app to unlock it and take it for a spin. 

“Increasing mobility connectivity creates a more productive and inclusive economy and facilitates local commerce in our communities. Our collaboration with Maniv Mobility and this historic seed investment provides the resources and expertise for Fenix to build technology innovations that best service the mobility needs of the people and city partners in our region,” continues Sayed. 

Israeli VC firm Maniv Mobility most recently closed a $100 million fund with strategic investment from some of the world’s biggest names in transport and mobility, including BMW, Aptiv, Hyundai, Lear Corp, Shell, LG Electronics, Valeo, and the Renault-Nissan-Mitsubishi Alliance.

“As a result of the new friendship that has emerged since normalisation between the UAE and Israel, we were grateful to meet the team at Maniv Mobility and now benefit from working with some of the most talented and experienced global investors and tech entrepreneurs in the mobility space,” says co-founder Dhanoa, who also serves as CEO.