UAE-based Fenix launches with a $3.8M Seed funding, led by Israeli VC
Fenix, a UAE-based micro-mobility startup has officially launched and announced a $3.8M Seed funding. The round was led by Maniv Mobility, an Israeli Venture Capital mobility technology company. This investment marks the first investment from an Israel-based VC in the country.
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The startup, which was founded earlier this year by Jaideep Dhanoa and IQ Sayed, a former regional head of Circ and Careem executive, aims to deliver complete freedom when it comes to travel, with the ambition to improve the basics. Fenix wants mobility to be easier, cheaper, and simply redesigned, whilst coasting toward an environment with less waste and cleaner travel. Following COVID-19, they have also implemented hygiene practices such as including individual hand sanitizer dispensers and trackers within each scooter that additionally notify the Fenix team when they need cleaning.
Fenix plans to begin operations in Abu Dhabi and then expand across the MENA region, along with Turkey.
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Jaideep Dhanoa, Co-Founder and CEO said, "We hope this investment is just the start of a cross-pollination of talent, capital, and innovation between the nations that can only be an accelerant in the development of a true middle-eastern tech ecosystem that will greatly benefit the region and its people at large.”
IQ Sayed, Co-Founder of Fenix added, “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.
“We want to transform the way our cities move and ignite impactful commerce by making mobility easier, cheaper, and quite simply redesigned, so we can all reach our potential. 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."
Michael Granoff, Maniv Mobility Founder and Managing Partner commented, "Maniv Mobility sees huge potential in the GCC region as a new market for micro-mobility and we were incredibly impressed by the team at Fenix and their drive to change the mobility future across the region. At Maniv Mobility, we eat, breathe, and sleep mobility, so we are able to support the team as they bring their service to market and rapidly expand across the Middle East."
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