A micromobility operator, set up by former colleagues at Dubai-based ride-hailing app Careem, has secured a further $1.2 million seed funding led by UAE and Saudi-based investors.
E-scooter operator Fenix said it has completed its $5 million seed round of funding with a second close led by Emkan Capital and Panthera Capital Ventures.
Since its launch in November, Fenix said it has experienced rapid growth in the UAE and the wider Middle East, launching in two countries and four cities in less than three months of operations.
The company said it will invest the additional funds in R&D to address needs in the market and to continue its expansion plans in the GCC.
The company has already launched the region’s first private e-scooter subscription – MyFENIX – and the world’s first e-scooters with integrated hand sanitisation packs for extra Covid protections.
The seed capital will also support its goals to become the first national micromobility operator in all seven emirates in the UAE in 2021 and the first pan-GCC operator by 2022.
Jaideep Dhanoa, co-founder and CEO of Fenix, said: “There has been a profound demand for micromobility 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.”
IQ Sayed, co-founder of Fenix, added: “We are committed to developing technologies that will transform the way countries and cities progress in the future, with particular focus on affordable, convenient and connected journeys. The investment from Emkan Capital and Panthera Capital Ventures will support our R&D efforts to offer the latest innovations in the micromobility space, as we have already been doing in our short tenure since the launch.”
He said Fenix retains the largest fleet of electric vehicles in the Middle East region and currently operates in communities across Abu Dhabi, Ras Al Khaimah and Fujairah, and Doha in Qatar.
Each Fenix ride costs AED1 per minute to ride, with an AED3 unlocking fee.
Jaideep Dhanoa, co-founder and CEO of Fenix
Dhanoa and Sayed created FENIX with a mission to unleash urban potential and propel communities forward. FENIX is committed to the Middle East region – to transform the way our cities move and ignite impactful commerce.
With a multimillion dollar investment in talent, technology and operations excellence tailored for the Middle East, the company delivers dependable, highest-quality rides with custom-made personal light electric vehicles, to make cities easier to navigate and more enjoyable to explore.
FENIX has also launched the region’s first private e-scooter subscription service, MyFENIX, and retains the largest fleet of electric vehicles in the Middle East.
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