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.
UAE currency: the story behind the money in your pockets
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
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Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
How to avoid crypto fraud
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
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