Series B

Debt Financing

Series C

Seed

Others

Series A

Dubai

Omar Al-Madhi

Christos Mastoras

Sultan Olayan

If you're ready to take your business to the next level with Iliad Partners, we want to hear your pitch.

Investment in Startup

Discover Iliad Partners's approach to funding innovation in technology. Explore detailed profiles on Lucidity Insights.

Iliad Partners

Venture Capital firm based in Dubai that invests in early stage technology companies with a focus on the MENA region.

Riyadh

TruKKer

Logistics

Freight Service

Supply Chain Management

Transportation

TruKKer is a Digital Freight Network that integrates Demand & Supply for multimodal freight services

Fetchr

E-Commerce

Fetchr is a Dubai-based logistics and delivery company that offers real-time tracking, scheduling, and innovative solutions for businesses and individuals in the MENA region and beyond.

Qashio

Fintech

Accounting

Payments

Productivity Tools

Software

Financial Services

Qashio is a comprehensive spend management platform for businesses to manage expenses, payments with integrated corporate cards and accounts payable automation.

Retail Technology

SaaS

Information Technology

Delivery Services

Shipping

OTO is the leading provider of eCommerce delivery management technologies to enterprise retailers and eCommerce brands in MENA & Turkey.

Penny Software

Predictive Analytics

Enterprise Software

Procurement

Penny Software offers a cloud-based Procure-To-Pay system designed to digitize and manage the entire procurement cycle, from request to approval, including RFQ management, quotation comparison, PO issuance, and payment processing.

OSeven

AI/IoT

Machine Learning

Iliad Partners led a convertible debt round of undisclosed size for Trukker in February 2019 that followed $2.7m in a September 2018 pre-series A round led by OTF Jasoor and backed by conglomerate Almajdouie’s Raed Ventures unit, Riyad Taqnia Fund, Shorooq Ventures, 500 Startups and Arzan VC.

Trukker hauls in $23m

Iliad Partners announced today that it has participated in the $23 million Series A funding round of TruKKer, which was led by Saudi Technology Ventures (STV). Other participating investors included International Finance Corporation (IFC), Riyad Taqnia Fund (RTF), Oman Technology Fund (OTF), Shorooq Ventures, Endeavor Catalyst, Alturki Holding, and MEVP.

The Company will use the funding to grow the team, enhance the customer experience, and strengthen its operating infrastructure across the road freight network in the region. TruKKer will continue its aggressive growth in Saudi Arabia, the UAE, and the rest of the GCC and is also in the process of going live in Egypt and other countries in the region.

Iliad Partners invests in the Series A financing round of TruKKer

Fetchr raises $15 million to expand to Saudi Arabia Triska Hamid • 24 July, 2020 Image courtesy of Fetchr Source: Bloomberg Fetchr secured at least $15 million in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse. The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show. Fetchr’s interim Chief Executive Officer Mazen Mamlouk confirmed the details of the financing round. The company, which offers delivery and logistics services to e-commerce firms, late last year had to consider selling the business or filing for bankruptcy due to a “rapidly diminishing” financial performance. It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December. One of Middle East’s Largest Startups Narrowly Averts Collapse Since then, the company has brought in new management, reduced the rate at which it burns cash and closed operations in Jordan, Bahrain and Oman, according to the latest documents. It also cut about 1,230 jobs. Mamlouk will soon pass the reins to Hussein Wehbe -- the former managing director of United Parcel Service Inc.’s Middle East business - but will remain as an adviser with Fetchr, he said by phone. Representatives for BECO, CMA CGM and Tamer Group didn’t immediately respond to emails seeking comment. Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300 million in a 2017 fund-raising round. Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers. Continue reading this story Author: Triska Hamid Fetchr Last mile delivery

Fetchr raises $15 million to expand to Saudi Arabia

Fetchr confirms $15 million in fresh funding with plans to raise $10 million more News • 01 September, 2020 Arabic Dubai-based logistics startup Fetchr has confirmed that it raised $15 million as part of its Series C Funding round, the company said in a statement on Monday. In July, Bloomberg first reported that Fetcher raised $15 million in funding as part of a turnaround plan to save the courier app from collapsing, saying that the funding round was still waiting for the approval of its shareholders. According to the statement, the company said that is looking to raise another $10 million in funding before the end of the year following approval of the new funding at its Extraordinary General Meeting (EGM) on 20 August 2020. It also added that the company plans to rebrand by the end of this year. Fetchr has previously raised commitments from BECO Capital, Dubai-based Tamer Group, CMA CGM and its logistics arm CEVA Logistics. The statement said that the company’s investors are committed to supporting the company over the long term as it looks to reach break-even EBITDA by the end of 2020, after it had improved by 77 per cent during the pandemic. Additionally, the company said it has plans to extend its operations to China, the US, UK and EU region, and that it is exploring strategic partnerships with global service providers and large retailers. Founded in 2012, Fetcher offers first- and last-mile delivery and logistics services. The company operates in UAE, Bahrain, Saudi Arabia and Egypt. “I’m pleased to note that the work done by Fetchr’s transformation team has placed it in a great position to take advantage of new opportunities as well as to meet new challenges. It took a lot of hard work and tough decisions, as we optimised operations, diversified revenue streams, reduced costs and charted a clear path to profitability to bring about the turnaround in the company’s prospects,” said interim CEO Mazen Mamlouk. The retail industry has seen tremendous growth due to the Covid-19 pandemic. Major retailers in the GCC have seen an increase in online sales ranging from 50 per cent to 800 per cent and now 90 per cent of consumers in KSA and UAE are purchasing online, the statement added. “Retail, e-commerce and individual customers can expect to see a competitively efficient and speedy operation that translates into lower costs and higher end consumer happiness. We have developed a great product mix for B2C, B2B and C2C clients and differentiate from traditional logistics companies by offering flexible cash solutions among other incentives,” said Hussein Wehbe, who is set to succeed Mamlouk as the new CEO. Author: News Fetcher Bloomberg

Fetchr confirms $15 million in fresh funding with plans to raise $10 million more

Investments Fetchr confirms raising $15 million in fresh capital, expects to raise another $10 million in next few months By Zubair Naeem Paracha Posted on September 1, 2020 - Like & Follow Us Follow @MENAbytes Share Tweet Share WhatsApp Email 0 Shares Dubai-based logistics startup Fetchr has today confirmed receiving $15 million in fresh capital as part of its Series C round in a statement to MENAbytes. The development was first reported by Bloomberg in July but at the time the company had received commitments and had not shared any details officially. The investment still needed the approval of Fetchr’s shareholders. Today’s statement by Fetchr said that the funding was approved at its Extraordinary General Meeting (EGM) on 20th August 2020. It also said that it is confident of raising another $10 million before the end of the year. The money came from company’s early investor Beco Capital, Saudi-based Tamer Group, and French shipping company CMA CGM and its logistics arm CEVA Logistics. Fetchr said that these investors are committed to supporting the company over the long term. Tamer Group had fist invested in Fetchr in 2018 and CMA CGM joined in early 2019. “This financing success with renewed investor confidence comes on the back of a significant technology, leadership and strategy overhaul that has seen operations streamlined and the adoption of a new direction that will culminate in a complete re-brand by the end of the year,” said Fetchr in a statement. With the confirmation of the investment, Fetchr today has apparently also launched its new website and logo as well. Fetchr that was once one of the best-funded startups in the region was on the verge of collapse late last year and was saved by $10 million of bridge emergency financing. The financing was secured by a transformation team that was brought to change things around. It includes Aramex’s former CEO Hussein Hachem, Majid Al Futtaim’s former CEO Iyad Malas, Dubai-based finance advisory firm Gate Capital’s founder Munther Hilal, and Mazen Mamlouk, the former CEO of Falcon Aviation who was appointed as Interim CEO of Fetchr. The transformation team, according to the statement, in addition to securing the $10 million financing also appointed a new management team with former UPS and Aramex Managing Director Hussein Wehbe as the new CEO. The statement by Fetchr noted that the transformation team closed its non-performing country offices, improves efficiencies and reduced costs. It also said that the team improved technology platform and increased automated scheduling through AI, WhatsApp and other channels. Its new Performance Predictor System, a machine learning model, accurately predicts the delivery of an order based on over 2,500 data points. Fetchr said that it has improved its EBIDTA by 77 percent (without sharing further details about it) and plans to reach break-even EBIDTA by the ‘latter part’ of 2020. “Investors see value in its revenue diversification strategy for different product lines. In addition, growth plans for taking the company global and reach China, the US, UK and EU region, are expected to improve financial results and valuation. The company is also exploring strategic partnerships with global service providers and large retailers and is implementing a unique asset-light business model for accelerated growth,” noted the statement. Fetchr’s Interim CEO Mazen Mamlouk, said, “I’m pleased to note that the work done by Fetchr’s transformation team has placed it in a great position to take advantage of new opportunities as well as to meet new challenges. It took a lot of hard work and tough decisions, as we optimised operations, diversified revenue streams, reduced costs and charted a clear path to profitability to bring about the turnaround in the company’s prospects.” “We are now looking at a much more nimble and agile operation that is geared up to challenge for industry leadership. We will remain engaged to support the company in a more strategic and consultative role as we proceed with our US, China, EU and UK expansions,” he added. Hussein Wehbe, new CEO of Fetchr, said “Retail, ecommerce and individual customers can expect to see a competitively efficient and speedy operation that translates into lower costs and higher-end consumer happiness. We have developed a great product mix for B2C, B2B and C2C clients and differentiate from traditional logistics companies by offering flexible cash solutions among other incentives.” “The positive impact brought about by Fetchr’s AI implementation and technology overhaul has also been matched by the recruitment of solid managerial talent that will take it towards a better future. We look forward to announcing new strategic partnerships with global service providers and large retailers, unveil our re-branding initiatives and to solidify our corporate culture by the end of this year,” he added. Author Recent Posts Zubair Naeem Paracha Founder at MENAbytes A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com. Latest posts by Zubair Naeem Paracha (see all) E&’s big bold bet on tech - May 2, 2023 Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy - September 29, 2021 Marham raises $1 million seed to grow into a healthcare superapp for Pakistan - August 3, 2021 Post Views: 14,806 Related Items:

Fetchr confirms raising $15 million in fresh capital, expects to raise another $10 million in next few months

Fetchr raises $10 million in emergency funding News • 04 December, 2019 Image Courtesy of Fetchr Source: Bloomberg Courier app Fetchr, once one of the Middle East’s largest startups, raised as much as $10 million in emergency funding to help avoid collapse. The Dubai-based company, which offers delivery and logistics services to e-commerce firms, is also in the process of securing as much as $25 million in additional funding to turn the company around, according to people with knowledge of the matter. Existing Fetchr investors, who had put up more than $50 million since the company was founded in 2012, will see the value of their shares diluted to almost zero, according to a letter to investors seen by Bloomberg and the people, who asked not to be identified because the matter is private. Continue reading this story Author: News Dubai emergency Funding courier

Fetchr raises $10 million in emergency funding

Investments Dubai’s Fetchr raises $10 million as emergency funding to help avoid collapse: report By Zubair Naeem Paracha Posted on December 4, 2019 - Like & Follow Us Follow @MENAbytes Share Tweet Share WhatsApp Email 0 Shares Dubai-based logistics startup Fetchr has raised $10 million in emergency funding to help avoid collapse, Bloomberg reported today. According to the report that cites unnamed sources, Fetchr is looking to raise $25 million in additional funding to turn the company around. The report notes that existing Fetchr investors (which includes New Enterprise Associates, one of the leading Silicon Valley-based VC, and local players like Majid Al-Futtaim, BECO Capital, Raed Ventures, and VentureSouq), will see the value of their shares diluted to almost zero. According to a letter seen by Bloomberg that Fetchr had written to its investors last month, the company had considered a sale of business or filing for bankruptcy. The letter had also warned the investors that Fetchr’s “financial performance has been rapidly diminishing over the past twelve months”. Fetchr had raised $41 million in the largest Series B at the time (even today it is one of the largest investment rounds raised by a startup in the region) round over two years and ago and was dubbed as the next unicorn of the region by many (including ourselves). Founded in 2012 by Idriss Al Rifai and Joy Ajlouny, Fetchr had started to solve the no-address problem of emerging markets by delivering couriers using customer’s phone as a GPS location. The startup that initially followed an Uber-like model relying on freelancers to deliver packages to customers on its behalf later built its own fleet. Fetchr had raised over $50 million to date (with its last round valuing the company at close to $300 million) which makes it one of the best-funded startups of the region. The co-founder and Cheif Market Office of Fetchr, Joy Ajlouny, had left the company earlier this year and according to Bloomberg’s report, company’s board is now looking to replace its co-founder and CEO Idriss Al Rifai. A Ferch spokesman, speaking to Bloomberg confirmed that the company had raised up to $10 million in financing from existing and new investors and that the majority of shareholders had approved a new financial and board structure. The spokesperson also said that the investors who have injected the latest capital include former Majid Al Futtaim CEO Iyad Malas and former Aramex CEO Hussein Hachem. We’ve reached out to Fetchr to learn more details and will update the story if we hear from them. Author Recent Posts Zubair Naeem Paracha Founder at MENAbytes A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com. Latest posts by Zubair Naeem Paracha (see all) E&’s big bold bet on tech - May 2, 2023 Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy - September 29, 2021 Marham raises $1 million seed to grow into a healthcare superapp for Pakistan - August 3, 2021 Post Views: 18,320 Related Items:Dubai, United Arab Emirates Recommended for you ClearGrid raises $10 million to modernize and automate debt collection in the Middle East UAE’s Klaim raises $26 million Series A to fast-track insurance claim payments for healthcare providers Dubai’s Disrupt.com to invest $100 million in building and backing AI-first startups

Dubai’s Fetchr raises $10 million as emergency funding to help avoid collapse: report

Logistics company secures $41M in Series B funding Staff writer • 16 May, 2017 Fetchr, a tech company disrupting the traditional logistics sector in the MENA region, secured 41 million dollars in a Series B financing round led by New Enterprise Associates Inc. (NEA), to continue expanding globally and developing its proprietary technology. The company was founded in 2012 by Idriss Al Rifai, CEO and founder and Joy Ajlouny, cofounder and creative director. Its technology uses customers’ mobile’s geo-location as a physical address to deliver packages straight to them, wherever they are. NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 195 portfolio company IPOs and more than 320 acquisitions. The interest from regional investors including Majid Al Futtaim Holding, a leading regional group with a portfolio of companies including malls, retail, and leisure brands, is a testament to the expected changes in the retail environment that fetchr will continue to facilitate. Other investors in the round include Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo , Venture Souq and Swicorp. Fetchr tackles the ‘no address problem’ in emerging markets, encountered by traditional companies delivering packages to customers. The company is currently operating in the UAE, Saudi Arabia, Egypt and Bahrain, with plans to expand its footprint in MENA and beyond. It is also partnering with governmental organizations like Oman Post, to deliver the technology-backed delivery solutions extending its technology through strategic partnerships. Author: Staff writer Fetchr New Enterprise Associates Inc. Idriss Al Rifai Joy Ajlouny Majid Al Futtaim Holding

Logistics company secures $41M in Series B funding

Investments Fetchr secures $41 million in Series B funding, now an even stronger contender to be the next unicorn of MENA By Zubair Naeem Paracha Posted on May 16, 2017 - Like & Follow Us Follow @MENAbytes Share Tweet Share WhatsApp Email 0 Shares Fetchr, a logistics tech company co-founded by Idriss Al Rifai & Joy Ajlouny in 2012 to tackle the ‘no address problem’ in the emerging markets has just secured $41 million of funding in their Series B round led New Enterprise Associates, a California based global venture capital firm. New Enterprise Associates had led Fetchr’s $11-million Series A round as well in 2015. This has taken Fetchr’s total disclosed funding to $52 million and the seed round of the company was reportedly around $1.3 million. With 1500 employees across 9 offices, Fetchr currently serves customers in UAE, Saudi Arabia, Bahrain & Egypt. The company offers different services to deliver packages through its mobile applications which just like Uber & Careem use customer’s smartphone’s geo-location as address. Joy Ajlouny, the co-founder & Creative Director at Fetchr had met Idriss Al Rifai at a pitching event in San Francisco. Al Rifai was pitching his idea for the ‘no address problem’ in the emerging markets. Ajlouny who is an ecommerce professional with more than twenty years of experience used to own a luxury ecommerce startup in San Francisco. The startup had a lot of buyers from Middle East but because the drivers would not be able to find their addresses, the startup had a high return rate. So she could very much relate to the problem Al Rifai was trying to address and that’s how they started Fetchr together. “More than two billion people live without an address. While these emerging markets represent the key for the growth of ecommerce in the next decade they are still being catered to with an antiquated address-based delivery software. This is both ineffective and incredibly frustrating for customers who think ‘mobile first’ throughout the region,” said Idriss Al Rifai. Other investors in the round include BECO Capital, Illiad Partners, Majid Al Futtaim Holdings, Nokia Growth Partners, Raed VC, Swicorp, VentureSouq & YBA Kanoo. “Fetchr has demonstrated impressive growth since our initial investment in 2015,” said Scott Sandell, Managing General Partner at NEA and Fetchr board member. “They’re revolutionising global e-commerce by enabling delivery access via mobile (in contrast to the traditional requirement of a physical address). We’re thrilled to continue partnering with the team as they further expand their reach among the two billion customers in emerging markets worldwide.” Commonly referred as next unicorn of the region, Fetchr after this funding seems to have all the resources to make this dream a reality. Author Recent Posts Zubair Naeem Paracha Founder at MENAbytes A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com. Latest posts by Zubair Naeem Paracha (see all) E&’s big bold bet on tech - May 2, 2023 Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy - September 29, 2021 Marham raises $1 million seed to grow into a healthcare superapp for Pakistan - August 3, 2021 Post Views: 8,798 Related Items:United Arab Emirates Recommended for you Saudi B2B ecommerce platform Sary merges with Bagladesh’s ShopUp to form Silq, raises $110 million ClearGrid raises $10 million to modernize and automate debt collection in the Middle East UAE’s Klaim raises $26 million Series A to fast-track insurance claim payments for healthcare providers

Fetchr secures $41 million in Series B funding, now an even stronger contender to be the next unicorn of MENA

News Fetchr raises $41 million investment, here are the details. by Bayan Al-A'abed May 16, 2017 Bayan Al-A'abed Read Next Vezeeta raised US $1.5 million fund and plans to expand to Jordan and Lebanon Fetchr, an international delivery app and the first Arab startup to get early stage funding from a Major U.S venture capital firm, gained $41 million in a series B round, led by returning investor New Enterprise Associates, and as Joy Ajlouny, co-founder of Fetchr, explains in an interview, she plans to expand this delivery app in the Middle east. Her plans are to grow its operations in Jordan in the next to months, and in Oman by the end of this year, while it already has services in U.A.E., Egypt, Bahrain and Saudi Arabia. Since its opening, five years ago, Fetchr faces difficulties in Arab countries like: streets don’t have a formal address, so to solve this problem, the app has a feature where customers can attach their locations on Google map, because Fetchr drivers use GPS to deliver packages. There’s an extra charge between $8 and $13, depending on weight. Idriss Al Rifai refuses to reveal the number of deliveries Fetchr makes per day. Idriss Al Rifai, founder of Fetchr says:“It’s all about having the logistics company being able to find them [customers]. We’re changing that paradigm, making sure it’s the job of the logistics company to find you and not you to stay home for six hours.” For more details click here SIGN UP I agree to receive the monthly newsletter and occasional invitations. Bayan Al-A'abed May 16, 2017

Fetchr raises $41 million investment, here are the details.

Penny Software, a Saudi B2B SaaS procurement startup, has completed its Pre-Series A funding round with investments from Iliad Partners, GSI, and Knollwood Investments, along with continued support from existing investors like Dallah Investment and Hambro Perks Oryx Fund. The funding will support Penny Software's regional and global expansion plans, aiming to manage over $1B USD in Gross Transaction Value this year. The company focuses on digitizing the Source-to-pay process and enhancing procurement efficiency for medium to large corporations, particularly in the Middle Eastern markets.

Penny Software welcomes investment by Iliad Partners, GSI,...

Penny Software, a Saudi Arabia-based B2B SaaS procurement startup, has secured a pre-Series A funding round in April 2024. The round was led by Iliad Partners, with additional investments from GSI, Knollwood Investments, Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, and Altuwajiri family fund. The amount raised was undisclosed.

Penny Software Secures Pre-Series A Funding | The SaaS News

Penny Software, founded in 2020, has secured Seed funding from Iliad Partners to fuel its regional and global expansion. The company, which digitizes the procurement process, aims to manage over $1 billion in transaction value this year. The investment marks Iliad Partners' first venture into the Saudi market, aligning with their strategy to invest significantly in the Kingdom over the next five years.

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