After raising $3.8 million in November 2020, an additional $1.2 million investment positions the startup for its ambitious regional expansion plans.
Considered something of a microbobility trailblazer in its native UAE, FENIX has announced its intent for GCC-wide expansion after raising a $5 million seed round. KSA's Emkan Capital and UAE's Panthera Capital Ventures led a $1.2 million second close, which follows a $3.8 million seed investment raised in November, 2020.
That November investment wasn’t without controversy. It was led by Israeli VC firm Maniv Mobility, marking FENIX the first ever Israeli investment in an Emirati startup - a result of UAE normalising relations with Israel.
That investment allowed FENIX to launch under the guidance of founders and former Careem executives, IQ Sayed and Jaideep Dhanoa. The startup holds the distinction of being the only MENA company to offer a subscription service for electric scooters, boasting the largest fleet of electric vehicles in the region. Fenix currently operates in Abu Dhabi, Ras Al Khaimah, Fujairah and Doha, but aims to become the first national micro mobility operator in the UAE, across all 202. By 2022, the startup aims to expand even further to become the first-pan GCC micrombility service.
“There has been a profound demand for micro mobility around the world and since the outbreak of the COVID-19 pandemic it has proven to be the safest and most efficient means of travel for commuters,” said Jaideep Dhanoa, co-founder and CEO of Fenix. “Closing a $5 million Seed round from value-adding investors that understand our market provides tremendous support to bring our vision to fruition and we would like to thank Emkan Capital and Panthera Capital Ventures for placing their trust in FENIX.”
Learn more about FENIX here.
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