Quiqup, an innovative q-commerce tech startup powered by AI and machine learning, raised AED 5 million which accounts to almost $1.36m from The Mohammed Bin Rashid Innovation Fund (MBRIF). MBRIF is an initiative launched by the UAE Ministry of Finance to support innovation in the UAE.
“Our aim at MBRIF is to enable companies that have a strong innovative capability with the potential to contribute significantly to the UAE’s economic development. In this context, we are pleased to support Quiqup through our Guarantee Scheme. We have been working closely with them and have witnessed the immense potential they have. We believe Quiqup’s deep knowledge and expertise make them well-positioned to tap into local and regional markets from the UAE,” Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and the representative of MBRIF, said.
Dubai-headquartered Quiqup disrupted the last mile through their unique operating model, powered by their proprietary AI infrastructure, delighting consumers with a 60-minute q-commerce experience. Quiqup enables companies to quickly adapt their e-commerce through its proprietary technology and hyper-local fulfilment centres spread across the city.
“Quiqup is proud to have the MBRIF contribute to our journey. We are committed to innovate e-commerce logistics through the development of cutting-edge technology and operating models. The UAE has been a fantastic market for our product and a real launchpad for Quiqup. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further,” Bassel El Koussa, CEO of Quiqup, stated.
The fund from MBRIF enables Quiqup to access affordable debt finance to continuously invest in their research and development capabilities and strengthen their innovative technology solution, as they plan to scale across the region.
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