UAE's Quiqup secures $1.4M
UAE's Transport & Logistics (T&L) tech startup and Q-commerce solutions provider Quiqup has successfully raised $1.4M to fuel the digitization and optimization of the hyperlocalized delivery routes using a mix of proprietary AI and MI technologies.
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After closing its Bridge round, the T&L tech startup and Q-commerce platform Quiqup has successfully raised $1.4M (AED 5M) in its latest funding round backed by The Mohammed Bin Rashid Innovation Fund (MBRIF). MBRIF is an initiative launched by the UAE Ministry of Finance to support innovation in the UAE.
Originated in the UK and headquartered in the UAE, Quickup has set forth to reinvent the last mile delivery and transport sectors across the region. Through a seamless mix of AI and MI, hyperlocalized fleet management tools, and a keen view of the market, Quickup has been providing modular last-mile delivery solutions for businesses alongside its Q-commerce proposition. The startup is able to deliver on-demand goods in a window of 60 Mins.
Going back to Turkey’s Unicorn Getir, sizable funds have been raised by on-demand delivery startups and Q-commerce propositions across MENAPT, even in SEED and Pre-SEED stages. Q-commerce startups design a mix of well-placed dark stores or fulfillment centers and integrate fleet management technologies to dispatch products in short delivery windows ranging from 30 minutes in the case of Pakistan-based Airlift to 10 minutes in many other cases like Pakistan-based Krave Mart or Egypt-based Rabbit. The reason behind these large funding rounds could be attributed to the need for rapid and aggressive market expansion for the Q-commerce proposition to work, which could act as a double-edged sword for the startups. After the success and investor attractivity of these Q-commerce ventures in 2021, many Q-commerce ventures attracted major investments in 2022 across MENA. Highlighting this quick trend are some major rounds including investments in Egypt-based Yalla Fel Sekka and UAE-based Yalla Market, Kuwait-based Fiz, and Iraq-based TipTop, as well as in KSA-based B2B Q-commerce startup Barq collectively raising more than $28M in funds this year between Pre-Seed and Series A rounds.
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Dubai-headquartered Quiqup disrupted the last mile through their unique operating model, powered by their proprietary AI infrastructure, Quiqup enables companies to quickly adapt their e-commerce through its proprietary technology and hyper-local fulfillment centers located strategically across the city. “Quiqup is proud to have the MBRIF contribute to our journey. We are committed to innovating e-commerce logistics through the development of cutting-edge technology and operating models. The UAE has been a fantastic market for our product and a real launchpad for Quiqup. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further,” Bassel El Koussa, CEO of Quiqup, stated.
The fund from MBRIF enables Quiqup to access affordable debt finance to continuously invest in their research and development capabilities and strengthen their innovative technology solution, as they plan to scale across the region. “Our aim at MBRIF is to enable companies that have a strong innovative capability with the potential to contribute significantly to the UAE’s economic development. In this context, we are pleased to support Quiqup through our Guarantee Scheme. We have been working closely with them and have witnessed the immense potential they have. We believe Quiqup’s deep knowledge and expertise make them well-positioned to tap into local and regional markets from the UAE,” concluded Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and the representative of MBRIF.
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