UAE: Fenix, a UAE-based micro-mobility startup has announced the completion of its $5M Seed funding round, after raising $1.2M in a second close, led by KSA-based Emkan Capital and UAE’s Panthera Capital Ventures. This will be added to the initial $3.8M the startup raised when it launched in the region late last year.
The startup, which was founded 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.
Jaideep Dhanoa, Co-founder and CEO of Fenix said, “There has been a profound demand for micro-mobility around the world and since the outbreak of the COVID-19 pandemic, it has proven to be the safest and most efficient means of travel for commuters.
“Closing a $5M Seed round from value-adding investors that understand our market provides tremendous support to bring our vision to fruition and we would like to thank Emkan Capital and Panthera Capital Ventures for placing their trust in Fenix.”
Ghassan Aloshban, General Partner at Emkan Capital commented, “We believe that micro-mobility will be a critical component of the broader transportation spectrum, and we expect this to only be amplified by the increased development of public transport options in the region.”
The new funds will be used to increase its R&D and continue expanding across the GCC. The startup is aiming to be the first micro-mobility operator in all UAE Emirates by this year.