Dubai: UAE-based logistics startup Fetchr that was on the verge of bankruptcy last year and was saved by USD 10 million investment has secured $15 million in fresh funds, Bloomberg reported.
The latest round according to the documents seen by Bloomberg, includes commitments from company’s early investor Beco Capital, Saudi-based Tamer Group, and French shipping company CMA CGM but it still needs the approval of Fetchr’s shareholders.
The details of the round were confirmed by Fetchr’s interim CEO Mazen Mamlouk to Bloomberg. Fetchr had quietly appointed the former UPS executive Hussein Wehbe as its CEO earlier this year but according to the report, Mazen Mamlouk (who was apparently appointed after the departure of company’s co-founder and CEO Idriss Al Rifai) is still with the company. The report noted that Mazen will soon hand over the control to Hussein and will continue to serve the company as an adviser.
Since raising $10 million in emergency funding late last year to avoid its bankruptcy, Fetchr, the report said, has cut about 1,230 jobs and exited Jordan, Bahrain, and Oman. The new management of the company has helped the company reduce its burn rate.