SOURCE: Analyze Markets
Dubai-based international express, mail delivery, and logistics services company, Fetchr has secured US$15M in its latest funding round, from BECO Capital, Saudi Arabia’s Tamer Group, and French shipping company CMA CGM SA, confirmed by Fetchr CEO Mazen Mamlouk to Bloomberg.
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The funding round could be extended to $25M with participation from additional investors within the upcoming weeks.
Fetchr will use the funding to accelerate its expansion plans in Saudi Arabia as part of its turnaround plan to save the company from the brink of collapse.
Last year in November, Fetchr warned its investors that its “financial performance has been rapidly diminishing over the past twelve months” and it had considered selling the business or filing for bankruptcy.
Fetchr managed to avoid collapse as it raised around $10M in emergency funding from existing and new investors, in December 2019. Its shareholders approved a new financial and board structure to revive the company.
Previously, Fetchr had raised $41M in a Series B funding round in May 2017. The Series B round reportedly valued Fetchr at around $300M. It had also raised $11M in Series A funding round in June 2015.
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Despite a rocky first half of the year, Saudi Arabia’s startup funding increased by 102% from H1 2019 to H1 2020, with H1 2020 already surpassing full-year 2019 by the amount of funding. Discover more data by downloading our FREE H1 2020 Saudi Arabia Venture Capital Snapshot.
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