UAE-based micro-mobility start-up Fenix has completed its $5 million seed funding round, after raising $1.2 million in a second close, led by Saudi Arabia-based Emkan Capital and the UAE’s Panthera Capital Ventures.
The new funds will be used to increase the company’s research and development and continue expanding across the GCC. The start-up is aiming to be the first micro-mobility operator in all UAE emirates by this year.
Micro-mobility refers to lightweight vehicles, including bicycles and electric scooters, that are rented by an individual.
It comes on the back of the initial $3.8 million raised by the operator when it was launched last year by Jaideep Dhanoa and IQ Sayed, a former regional head of Circ and Careem executive.
Dhanoa 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.”
Last year the company, which has the largest fleet of purpose-built electric scooters in the MENAT region, partnered with Fujairah Holding and Fujairah Municipality to provide the vehicles across the emirate.
Fenix also operates in Dubai, Abu Dhabi and Ras Al Khaimah.
Ghassan Aloshban, general partner at Emkan Capital, added: “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.”
Following Covid-19, the scooters have also implemented hygiene practices such as including individual hand sanitiser dispensers and trackers within each scooter that additionally notify the Fenix team when they need cleaning.
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