Dubai-based start-up Fetchr has agreed to as much as $25 million (Dh91.8m) in additional funding after it raised up to $10m from new and existing investors as part of a turnaround plan, a company spokesperson said.
The term sheets for the additional funds have been signed, a source familiar with the matter told The National on Wednesday.
The majority of Fetchr's shareholders have approved a new financial and board structure, the company spokesperson said.
The comments come after Bloomberg reported on Wednesday that Fetchr raised the $10m in emergency funding to help avoid collapse, citing people with knowledge of the matter. The company last month warned investors that its "financial performance has been rapidly diminishing over the past twelve months" and it had considered a sale of the business or filing for bankruptcy, according to a letter to investors seen by Bloomberg.
The courier app, which was founded in 2012, was valued at about $300m in its last fund-raising round in 2017. Its backers include Silicon Valley venture capitalists New Enterprise Associates (Nea) and Dubai-based mall operator Majid Al Futtaim (MAF).
The company's rescue includes investment from businessmen such as former Majid Al Futtaim chief executive Iyad Malas and the former chief executive of logistics firm Aramex, Hussein Hachem, the Fetchr spokesman confirmed.
Fetchr ships to the UAE, Saudi Arabia, Jordan, Oman and Egypt.
The company, founded by chief executive Idriss Al Rifai and Joy Ajlouny, sought to bridge a gap in the UAE market, where delivery services often fall short at the end of the logistics chain. Using a model not too dissimilar to ride-hailing apps such as Uber, Fetchr looks at linking customers in areas with no clearly- defined building numbers or street names, matching couriers with exact pickup and drop-off points.
The company employs 3,400 people across more than 200 cities, and has eight offices.
The UAE has made significant headway as a key regional incubator for start-ups, following the success of ride-hailing app Careem and online retailer Souq.com, which was sold to Amazon for $580 million in 2017.
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
UAE currency: the story behind the money in your pockets
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
UAE currency: the story behind the money in your pockets
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