UAE's Quiqup closes $5.5M Series B funding, led by Delivery Hero

Quiqup, the UAE-based on-demand and same-day delivery tech startup, has raised over $5.5M in its latest Series B funding round, led by Delivery Hero and supported by strategic shareholders, Cedar Mundi, JOBI Capital, and Transmed.

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Iyad Kamal (logistics veteran and ex-COO at Aramex) has also joined Quiqup as a strategic advisor. Commenting on his appointment, Iyad said, “Quiqup is changing the game in the e-commerce and delivery space. They have a unique and transformative business model that is a game-changer for the region. Same-day delivery is the next frontier in e-commerce logistics and Quiqup has what it takes to crack the model.”

Launched in 2017, Quiqup was established as a tech scale-up building a decentralised, AI-powered, last-mile logistics infrastructure to offer on-demand and same-day delivery services for retailers and restaurants of all sizes. The company witnessed a significant expansion in the UAE where a young and digital-savvy population is driving the exponential growth of the e-commerce sector - which is poised to triple in size from $8 to $28B over the coming three years according to Bain & Company, a yearly growth rate of more than 28%. Quiqup anticipates that consumers will maintain their new digital purchasing habits regardless of the long-term side effects of the pandemic.

The problem Quiqup is committed to solving is to offer quicker and more efficient delivery thanks to a network of professional couriers in constant motion.

Quiqup also reported the continuous and rapid growth of its operations in the UAE. The company is currently working with more than 800 brands and the past quarters have seen favorable trends, accelerating the company’s development and helping to double the size of its business in 2020. 

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Bassel El Koussa, Co-Founder and CEO of Quiqup commented on the funding, “The pandemic has enabled us to turn challenges into opportunities. We managed to quickly expand by diversifying our portfolio to include new sectors such as pharmaceutical clients and also add more grocery businesses. These positive developments opened up a whole new universe of clients, which encouraged us to raise further investment.

“The power of our team has been another instrumental element to our success during the recent challenging times. Not only did we have the right technology and scalable system to cope with the intense spike of volumes, more importantly, we had a team with a deep sense of solidarity. As the crisis forced retailers to close and people to stay at home temporarily, our team dedicated time and efforts to serve a purpose to keep the community connected with critical medicines or food or fun trinkets that make people smile.

“Inspired by our success and the projected long-term trends of the space, we are now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region.”

The company will use this capital to further expand its AI-driven logistics infrastructure that enables all businesses to offer best-in-class, fast delivery services to their customers.

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