Dubai-based delivery app Fetchr has announced the closing of a $41m Series B funding round led by New Enterprise Associates.
The company said regional investors in the round included malls operator Majid Al Futtaim, Nokia Growth Partners Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo, Venture Souq and Swicorp.
Investors in previous rounds have included Saudi telco Mobily.
Fetchr’s app is designed to address the lack of an address system in many emerging markets by tracking customers’ smarhpones to determine their geolocation for package delivery.
The company currently operates in the UAE, Saudi Arabia, Egypt and Bahrain and plans to use the funds to further expand its footprint in the Middle East and North Africa and other markets.
It is also partnering with government organisations like Oman Post.
“More than two billion people live without an address. While these emerging markets represent the key for the growth of ecommerce in the next decade they are still being catered to with an antiquated address-based delivery software. This is both ineffective and incredibly frustrating for customers who think ‘mobile first’ throughout the region,” said Idriss Al Rifai, founder and CEO of Fetchr.