UAE start-up Fenix completes $5m seed funding round

UAE start-up Fenix completes $5m seed funding round

UAE-based micro-mobility start-up Fenix has completed its $5 million seed funding round, after raising $1.2 million in a second close, led by Saudi Arabia-based Emkan Capital and the UAE's Panthera Capital Ventures.

The new funds will be used to increase the company's research and development and continue expanding across the GCC. The start-up is aiming to be the first micro-mobility operator in all UAE emirates by this year.

Micro-mobility refers to lightweight vehicles, including bicycles and electric scooters, that are rented by an individual.

It comes on the back of the initial $3.8 million raised by the operator when it was launched last year by Jaideep Dhanoa and IQ Sayed, a former regional head of Circ and Careem executive.

Fenix has just launched in Fujairah and is already available in Abu Dhabi, Dubai and Ras Al Khaimah

Dhanoa said: “There has been a profound demand for micro-mobility around the world and since the outbreak of the Covid-19 pandemic, it has proven to be the safest and most efficient means of travel for commuters.”

Last year the company, which has the largest fleet of purpose-built electric scooters in the MENAT region, partnered with Fujairah Holding and Fujairah Municipality to provide the vehicles across the emirate.

Fenix also operates in