Dubai, London, Beirut : Quiqup, a tech scale-up building a decentralised, AI powered last-mile logistics infrastructure to power same-day delivery services for retailers and restaurants of all sizes and across all industries, has announced a strategic funding round of £10mn to drive expansion across the MENA region.
The funding round is being led by existing investor JOBI Capital, with participation from strategic investor Cedar Mundi Ventures, the Beirut based VC firm part of Kuwait Holding group. Quiqup will build on its current operations in Dubai to expand into two cities in the GCC, with others to follow as part of its expansion plan. To support its regional expansion, Quiqup will set up its regional tech hub in Beirut with a development team drawing on the existing local tech-savvy and cost-efficient talents.
Dani El-Zein, General Manager of Quiqup UAE, said:
“The tremendous growth that we have seen in Dubai proves that the GCC region, and MENA more broadly, are exceptional opportunities for Quiqup. We are looking forward to building on the success that we are having in Dubai as we expand across the region.”
Bassel El Koussa, CEO and co-founder of Quiqup, said:
“Quiqup’s DNA is built around operating a decentralised, AI powered logistics infrastructure that allows it to deliver all types of last-mile services, from instant to same-day delivery. The opportunity in the MENA region is like nothing we see elsewhere. Just as in many parts of the world, mobile leapfrogged wired telephony or desktop computers, we see the same potential for game-changing innovation in the GCC and beyond. Our technology is second to none in the region, and our obsession with industry-leading technology and on customer experience is putting us at the forefront of innovation. We look forward to creating a last-mile infrastructure that serves as a model for the rest of the world.”
There are a number of factors that make expansion into the region very attractive. E-commerce in the region is in its early stages compared with the rest of the world, and growth rates of e-commerce there are among the highest in the world. Delivery will be fundamental to the growth of this sector, providing attractive market conditions for the expansion. Consumer expectations around service and convenient delivery are also advanced compared with the rest of the world, with a strong service culture and a spirit of innovation, driving customer and business adoption of tech-enabled, same-day delivery services.
The lack of legacy delivery infrastructure also makes the region a very attractive opportunity for a tech-enabled scale-up building a decentralised, AI powered last-mile logistics infrastructure. The presence of legacy infrastructure in Europe and the United States limits and slows innovation adoption. MENA region is very open to adopting new technologies from scratch, which provides an opportunity to build a last-mile logistics infrastructure that is absolutely cutting edge. This is fueling quicker adoption of Quiqup services in the region. Retailers and restaurants there are leapfrogging antiquated models that dominate in Europe and the US to arrive at delivery solutions that are fast and convenient, and will serve as a model for the rest of the world.
Quiqup is a tech scale-up building a decentralised, AI powered last-mile logistics infrastructure to power same-day delivery services for retailers and restaurants of all sizes and across all industries. It takes care of everything to do with last-mile logistics and delivery, from full-service software packages to a fleet of couriers that navigate the streets and personally hand over the parcel at the door. Large enterprises benefit from bespoke delivery solutions built using its modular, proprietary technology. Smaller businesses benefit from speedy integrations that help them turn on fast last-mile delivery in cities at the click of a button. Quiqup is transforming the way goods move about the city - for better cities, better business and better living.
JOBI Capital is a long-term investor in Consumer & Tech startups. JOBI goes beyond just providing capital – it supports portfolio companies through its strong network and hands-on operational approach. JOBI can help companies improve operations, accelerate growth, and expand internationally, serving to greatly enhance firm performance and deliver outstanding returns for investors. JOBI Capital's partners have over 20 years extensive experience in the PE/VC sectors, and the extended advisory team includes high-caliber entrepreneurs and professionals with deep content expertise.
About Cedar Mundi Ventures
Cedar Mundi Ventures (“CMV”) is a Lebanese venture capital firm specializing in cross-border technology investments between Europe and the Middle East. With deep roots in both markets, CMV’s team and operating partners seek to identify and invest in relevant high-growth technology scaleups seeking smart expansion capital to the Middle East. CMV reaches out to the Lebanese Diaspora in particular and is in close partnership with Lebanese in Technology (“LiT”), a community network of tech-savvy Lebanese Diaspora members and entrepreneurs advocating Lebanon’s eco-system and regional opportunities in prime European tech hubs (London, Paris, Dublin). Our investee companies also benefit from the corporate network and market expertise of CMV’s parent, Kuwait Holding KSC, to support their growth in the Middle East. For more information, please visit www.cedarmundi.com .
About Kuwait Holding Company K.S.C.
Kuwait Holding Company KSC (“Kuwait Holding”) is a leading Kuwait-based institutional investor with significant participations in technology-driven businesses across a wide spectrum of industries. Its participations and affiliates comprise among others Aqarat (aqarat.com.kw), IFA Food (ifafood.com, oncost.com), IFA Hotels & Resorts (ifahotelsresorts.com), Arzan Financial Group (arzan.com.kw), Ghaliah (ghaliah.com), Gulfmart (gulfmartkuwait.com), MIAX (miaxoptions.com), Yotel (yotel.com). In addition to its portfolio of principal investments, Kuwait Holding manages substantial venture capital and private equity funds investing in technology through affiliates Arzan Venture Capital (UAE, arzanvc.com), Cedar Mundi Ventures (Lebanon, cedarmundi.com), Chart Ventures Partners (USA, chartventure.com) and Nox Management (Kuwait, noxmanagement.com).
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© Press Release 2019