The Mohammed Bin Rashid Innovation Fund (MBRIF), which is an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, has provided a guarantee for a loan worth $1.36 million (AED 5 million) to Quiqup, an innovative q-commerce tech startup powered by AI and machine learning.
Dubai-headquartered Quiqup is revolutionising the e-commerce landscape. They have disrupted the last mile though their unique operating model, powered by their proprietary AI infrastructure, delighting consumers with a 60-minute q-commerce experience.
The business is at the forefront of the next generation of mobility of goods and services in urban cities, helping to accelerate the UAE to become the fastest q-commerce economy in the world.
Quiqup enables companies to quickly adapt their e-commerce through its proprietary technology and hyper local fulfillment centres spread across the city.
The world is moving into super-fast delivery and the trend is already taking place in cities like London, Berlin, and New York.
As the new economy moves towards q-commerce, 60-minute delivery will become the standard rather than the current two to three days.
This will impact all categories including food, fashion, beauty and cosmetics, as brands compete to meet consumer expectations.
MBRIF supports the tech and innovation ecosystem
The guarantee 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.
Quiqup supports the UAE business landscape, from SMEs to enterprise organisations, with reliable services that provide opportunities for local businesses to succeed.
Commenting on the funding, the chief innovation officer at the Ministry of Finance and the representative of MBRIF, Fatima Al Naqbi, said: “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 makes them well-positioned to tap into local and regional markets from the UAE.”
The CEO of Quiqup, Bassel El Koussa, said: “Quiqup is proud to have the MBRIF contribute to our journey. We are committed to innovating 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 launch pad for Quiqup. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further.”
In addition to its Innovation Accelerator program, the Guarantee Scheme is a key programme offered by MBRIF to provide innovators with unique access to affordable debt finance without giving up equity.
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