Fodel raises seven-figure investment

Fodel raises seven-figure investment
Fodel raises seven-figure investment

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Hind Al Soulia - Riyadh - Source: MenaBytes

-based last-mile delivery startup Fodel (which stands for Forward Delivery) has raised an investment from Dubai Cultiv8, a wholly-owned subsidiary of Mohammed Bin Rashid Fund for SMEs, the investment firm announced in a statement without disclosing the size of the investment.

Soumia Benturquia, the founder and CEO of Fodel, has confirmed to MENAbytes that it is a seven-figure USD deal. Dubai Cultiv8 last year had invested in three startups with the average ticket size at $2 million so it would be safe to assume that they’ve invested a similar amount in Fodel as well.

We could not confirm but the investment is apparently part of Fodel’s Series A as the startup had raised its $2.6 million Pre-Series A in March 2019.

Soumia founded Fodel in 2018 to provide online shoppers the option to collect their parcels any time they want from one of its partner merchant stores. The startup currently has 1,000 pick-up and drop off (PUDO) locations in its network which includes gas stations, groceries, pharmacies, and stores from other categories that open until midnight or in some cases 24/7.

Ecommerce platforms using Fodel enable their customers to choose from different pick-up points at the time of order, track the delivery and collect their parcel whenever they like to after it arrives at the pick-up point. The customers also have an option to pay by cash on these pick-up points for their orders.

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