UAE-based Fenix launches with a $3.8M Seed funding, led by Israeli VC

19/11/2020

0 323 1 minute read

Fenix, a UAE-based micro-mobility startup has officially launched and announced a $3.8M Seed funding. The round was led by Maniv Mobility, an Israeli Venture Capital mobility technology company. This investment marks the first investment from an Israel-based VC in the country.

The startup, which was founded earlier this year 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.

Fenix plans to begin operations in Abu Dhabi and then expand across the MENA region, along with Turkey.

Jaideep Dhanoa, Co-Founder and CEO said, “We hope this investment is just the start of a cross-pollination of talent, capital, and innovation between the nations that can only be an accelerant in the development of a true middle-eastern tech ecosystem that will greatly benefit the region and its people at large.”