Dubai Cultiv8 Invests in delivery tech startup FODEL
Dubai Cultiv8 Investments Limited, a wholly owned subsidiary of the Mohammed Bin Rashid Fund for SMEs, has allocated part of its US$100 million technology fund for an investment in FODEL, the last mile delivery tech startup in the UAE to provide a better alternative to home delivery for online shoppers.
FODEL gives online shoppers the option to collect their parcels any time they want, from any of its 1,000 pick up and drop off (PUDO) locations which are part of its UAE-wide parcel collection network. They include gas stations, groceries, pharmacies and stores from other retail categories that are open until midnight or 24/7 for maximum convenience.
Arif Al Alawi, CEO of Dubai Cultiv8, said: “Middle East-based delivery and transport startups rank third by number of investment deals they attracted during 2019, which is a clear indication of the sector’s strong growth potential. In fact, they accounted for 19% of total funding directed into startups last year and through our partnership with FODEL, we contribute to the continuous development of the logistics and ecommerce sectors in the UAE.”
The company is launching in Saudi Arabia where it has also developed a network of 1,000 PUDO points strategically spread across all main high-density regions but also in remote areas.
Soumia Benturquia, Founder & CEO of FODEL, said: “Cultiv8 is a strategic partner of great importance for FODEL as we continue to invest in our expansion and strengthening our PUDO network in the GCC.”