Fenix, a micromobility startup founded by former Careem execs, raises $3.8 million seed

SectorFinancial Markets

Abu Dhabi-based miromobility startup Fenix has raised $3.8 million in a seed round led by Israeli venture capital firm Maniv Mobility, it announced in a statement to MENAbytes today. The investment which is one of the largest seed rounds ever raised by a startup in the United Arab Emirates is the first by an Israeli VC in the UAE. The two countries had normalized their relationship in Septmeber earlier this year and businesses in both the markets have been looking to partner in different ways since then. Maniv Mobility, as its name suggests, is a VC, focused on mobility startups, with investments in Israel, Europe, United States, and now United Arab Emirates. An Israeli VC investing in a UAE-based startup is a big story – and one that is going to receive mixed reactions from different stakeholders of the ecosystem but the bigger highlight about Fenix is its team. The startup was founded earlier this year by the former executives of Careem; Jaideep Dhanoa and IQ Sayed; who had also co-founded European micomobility startup Circ in 2019. Jaideep led the Middle East & North Africa region for Circ and IQ was their CTO – before the company was acquired by US miromobility...read more...