PHOTO
Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested. Getty Images
Wize, a Dubai-based startup that provides eco-friendly solutions for the last-mile delivery market, has raised $16 million in a pre-seed funding round that was co-led by angel investors from the Middle East and North Africa region.
Funds will be spent to enhance the company’s presence in the UAE market, further product development, and explore new partnership opportunities in the region.
Several services are included in the Wize ecosystem, including electric motorcycles, a rental and subscription platform for business owners, a battery-as-a-service, and swapping stations, along with software components.
According to a report by market research firm Infinium Global Research, the GCC last mile delivery market was valued at $1.1 billion in 2020 and is expected to reach $1.85 billion in 2027, with a CAGR of 7.82% during the forecast period.
(Writing by Bindu Rai, editing by Seban Scaria)
