Quiqup closes $5.5M Series B funding
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.
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 favourable trends, accelerating the company’s development and helping to double the size of its business in 2020.
