Quiqup, the UAE-based on-demand and same-day delivery tech startup, has raised over $5.5 million in its latest Series B funding round. The round was led by Delivery Hero and supported by strategic shareholders, Cedar Mundi, JOBI Capital, and Transmed.
Launched in 2017, Quiqup was established as a tech scale-up building a decentralized, AI-powered, last-mile logistics infrastructure to offer on-demand and same-day delivery services for retailers and restaurants of all sizes. The problem Quiqup is committed to solving is to offer quicker and more efficient delivery with its network of professional couriers. e company is currently working with more than 800 brands. This year, the startup saw trends move in its favor, accelerating the company’s development and helping to double the size of its business in 2020.
Bassel El Koussa, Co-Founder and CEO of Quiqup commented on the funding, “The pandemic has enabled us to turn challenges into opportunities. We managed to quickly expand by diversifying our portfolio to include new sectors such as pharmaceutical clients and also add more grocery businesses. These positive developments opened up a whole new universe of clients, which encouraged us to raise further investment.
The company witnessed a significant expansion in the UAE where a young and digital-savvy population is driving the exponential growth of the e-commerce sector – which is poised to triple in size from $8 to $28B over the coming three years according to Bain & Company, a yearly growth rate of more than 28%. Quiqup anticipates that consumers will maintain their new digital purchasing habits regardless of the long-term side effects of the pandemic.
The startup is now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region. The company will use this capital to further expand its AI-driven logistics infrastructure that enables all businesses to offer best-in-class, fast delivery services to their customers.
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