Kuwait’s e-commerce start-up company Fiz secured $2.5 million in new funding to help it introduce its grocery delivery platform this year and further develop its technology to offer better services to customers.
The early-stage funding round was led by venture capital cpmpanies The Taken Seat and Relish Venture Partners, with participation from angel investors in Kuwait, Fiz said on Wednesday in a statement cited by data platform Magnitt.
“The model is simple, it always has been, it's all about convenience and the next frontier is the ability to deliver in no time,” said Ahmad Salamah, co-founder and chief executive of Fiz.
“Global players, such as Getir and GoPuff, developed the blueprint and the pandemic made it easier for consumers to shop online in the Middle East. All we needed to do was ensure we had the right locations for our dark stores [distribution centres] and the right catalogue for our consumers."
Online shopping gained momentum after governments around the world introduced movement restrictions to stop the spread of the Covid-19 pandemic, providing new opportunities for e-commerce operators to expand their business.
Founded in 2021, Fiz positions itself as a platform that delivers groceries to customers quickly. It is expected to be launched early this year in high-density neighbourhoods in Kuwait.
“The team’s strategy when it comes to their dark stores, location, size, accessibility was clear and diligent, especially given the changing regulations with regards to delivery bikes on Kuwait’s highways,” said Waleed Al Omar co-founder of Kuwait based Relish Venture Partners.
The Middle East and North Africa-based start-ups secured investments worth $1.2 billion in the first half of 2021, up 64 per cent compared with the same period last year, according to a report from Magnitt.
Last year, E-commerce start-ups, which specialise in delivering products to customers quickly, were at the forefront in securing new funding including UAE's Yalla Market and Egypt’s Goodsmart and Breadfast, among others, according to the statement.
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