UK-based Quiqup, a tech scale-up building an AI-powered last-mile logistics infrastructure to power same-day delivery services for retailers and restaurants, has announced a funding round of £10 million ($12.8 million) to drive expansion across the Middle East.
The funding round is being led by existing investor JOBI Capital, with participation from strategic investor Cedar Mundi Ventures, the Beirut-based VC firm part of Kuwait Holding, a statement said.
Quiqup said it plans to build on its current operations in Dubai to expand into two cities in the GCC, with others to follow.
To support its regional expansion, Quiqup said it will set up its regional tech hub in Beirut.
Quiqup’s services were launched in the region in September 2017, with its expansion into Dubai seeing levels of growth delivered well ahead of expectations.
The company said it continues to see double digit growth there, with a long list of over 125 clients including some of the region, and the world’s, best known brands.
Dani El-Zein, general manager of Quiqup UAE, said: “The tremendous growth that we have seen in Dubai proves that the GCC region, and MENA more broadly, are exceptional opportunities for Quiqup. We are looking forward to building on the success that we are having in Dubai as we expand across the region.”
Bassel El Koussa, CEO and co-founder of Quiqup, added: “Quiqup’s DNA is built around operating a decentralised, AI powered logistics infrastructure that allows it to deliver all types of last-mile services, from instant to same-day delivery. The opportunity in the MENA region is like nothing we see elsewhere... We look forward to creating a last-mile infrastructure that serves as a model for the rest of the world.”
E-commerce in the region is still in its early stages compared with the rest of the world, and growth rates are among the highest in the world.
Quiqup said delivery will be fundamental to the growth of this sector, providing attractive market conditions for the expansion.
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