UAE's micromobility startup secures $3.8mln funding led by Israeli VC

This marks the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations between Israel and the UAE

  
Fenix scooters.

Fenix scooters.

Handout via Fenix

UAE-based Fenix, a new micromobility venture focused on the Middle East, has secured a $3.8 million seed funding led by Israel-based venture fund Maniv Mobility.

This marks the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations between Israel and the UAE, and the largest pre-launch venture funding round in the history of the UAE tech ecosystem.

Jaideep Dhanoa and IQ Sayed, former Co-founders at Circ and colleagues at Careem, have launched Fenix.

Jaideep Dhanoa, Co-Founder and CEO of Fenix, 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.”

Fenix will soon begin operations in Abu Dhabi in compliance with the Emirate’s Integrated Transport Centre (ITC), to be followed by other emirates and GCC markets in the coming months, accoridng to a statement.

"Maniv Mobility sees huge potential in the GCC region as a new market for micro-mobility and we were incredibly impressed by the team at Fenix and their drive to change the mobility future across the region. At Maniv Mobility, we eat, breathe and sleep mobility, so we are able to support the team as they bring their service to market and rapidly expand across the Middle East,” Maniv Mobility founder and managing partner, Michael Granoff, said.

Fenix is introducing the world’s first micromobility vehicle with an integrated hand sanitization pack. In addition, all vehicles undergo a deep sanitization while being recharged, before being re-deployed in the city. Every Fenix rider will now have full comfort in knowing that their ride poses no COVID-19 exposure risk, a statement from Fenix said.

Fenix continuously monitors where its vehicles are most needed, rapidly repositioning them in response to consumer demand and municipal authorities’ requirements, the statement said.

(Writing by Seban Scaria ; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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© ZAWYA 2020

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