Predict your next investment

Fetchr company logo
Corporation
MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Supply Chain & Logistics
fetchr.us

See what CB Insights has to offer

Stage

Series C | Alive

Total Raised

$67M

Last Raised

$15M | 1 yr ago

About Fetchr

Founded in 2012, the Fetchr app eliminates the hassle from sending and receiving packages by using a phone as a physical address, thus solving the problem of no addresses in the Middle East. With just a snap and a swipe, drivers arrive to a customer's exact location via the phone, at a chosen time, to pick up a package and deliver it into the hands of their recipient - whenever and wherever they need it. Fetchr's sophisticated logistics technology connects the dots between customer, package, driver and sender to provide faster, cheaper, seamless deliveries.In December 2019, the company raised an additional $10M as part of an emergency recap. According to Bloomberg, existing investor saw the value of their shares diluted to almost zero.

Fetchr Headquarter Location

INL Building, Logistics City

Dubai,

United Arab Emirates

+971-4887-9972

Latest Fetchr News

Top backer of Dubai app Fetchr warns startup faces liquidation

Oct 7, 2021

Fetchr was valued at almost $300m in a 2017 fundraising round October 7, 2021 Dubai courier app Fetchr, once among the Middle East’s most promising startups, is considering filing for liquidation after becoming “insolvent” because of a disputed tax bill in Saudi Arabia, according to one of its top investors. It would be Fetchr’s second brush with bankruptcy after the logistics firm nearly went under around the end of 2019 but staved off collapse through an emergency funding package and a turnaround plan that involved expanding in Saudi Arabia. Fetchr was valued at almost $300m in a 2017 fundraising round. Fetchr was still trying to complete its rescue fundraising when the Saudi tax authority imposed a $100m bill last summer for unpaid value-added tax and zakat, an Islamic levy, according to a letter sent recently by venture capital firm BECO Capital, a major backer of the startup, to its own investors. The company is now “insolvent,” and an extraordinary general meeting is scheduled for September 29 “to discuss the best course of action forward,” according to the letter. “This act scared off all new investors including the current shareholder investor base,” Dubai-based BECO said. “As there doesn’t seem to be a way out, liquidation is also on the table.” Saudi Arabia’s Zakat, Tax and Customs Authority, BECO Capital and Fetchr didn’t immediately respond to requests for comment. Scaling Back Fetchr’s demise would be a setback for the Gulf’s fledgling startup scene just as global investors including SoftBank Group Corp. are starting to commit funding to the region. The Dubai company, which offers delivery and logistics services to e-commerce firms, last year brought in new management, closed its operations in three Arab countries and cut about 1,230 jobs as part of a plan to turn it around. BECO said Fetchr’s board and management unsuccessfully tried to resolve the tax situation. Competition and weaker economic growth have in the past tripped up several e-commerce startups in the region. Baby products online seller Sprii and fashion startup The Modist both shut down despite raising millions in capital. Another Dubai-based platform Awok.com announced its closing last year. Tags

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Research containing Fetchr

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Fetchr in 1 CB Insights research brief, most recently on Aug 20, 2019.

Expert Collections containing Fetchr

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Fetchr is included in 3 Expert Collections, including Supply Chain & Logistics Tech.

S

Supply Chain & Logistics Tech

3,212 items

Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).

O

On-Demand

1,239 items

G

Game Changers 2018

70 items

Fetchr Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Fetchr Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.