Fast-growing startup doubles down on international roll-out
Quiqup, a tech scale-up developing a de-centralised, AI powered last-mile logistics infrastructure to power same-day delivery services for retailers and restaurants of all sizes and across all industries, has announced a strategic funding round of £10mn (US$ 12.85mn) to drive expansion across the MENA region.
The funding round is being led by existing investor JOBI Capital, with participation from strategic investor Cedar Mundi Ventures, the Beirut-based VC firm part of Kuwait Holding group.
Quiqup, which launched services in the region in 2017, will build on its current to expand into two cities in the GCC, with others to follow as part of its expansion plan. To support its regional expansion, Quiqup will set up its regional tech hub in Beirut with a development team drawing on the existing local tech-savvy and cost-efficient talents.
“The tremendous growth that we have seen in Dubai proves that the GCC region and MENA more broadly, are exceptional opportunities for Quiqup. We are looking forward to building on the success that we are having in Dubai as we expand across the region,” affirmed Dani El-Zein, General Manager, Quiqup UAE.
Technology boosting efficiencies
“Our technology is second to none in the region, and our obsession with industry-leading technology and on customer experience is putting us at the forefront of innovation. We look forward to creating a last-mile infrastructure that serves as a model for the rest of the world,” asserted Bassel El Koussa, CEO and Co-founder, Quiqup.
There are a number of factors that make expansion into the region very attractive. E-commerce in the region is in its early stages compared with the rest of the world, and growth rates of e-commerce there are among the highest in the world. Delivery will be fundamental to the growth of this sector, providing attractive market conditions for the expansion.
MENA region is very open to adopting new technologies from scratch, which provides an opportunity to build a last-mile logistics infrastructure that is absolutely cutting edge. This is fueling quicker adoption of Quiqup services in the region.
