Kuwait-based Q-commerce (quick commerce) startup and online grocery delivery platform, Fiz, has raised $2.5 million in its latest funding round.
The Pre-seed round was led by The Taken Seat, one of the first digital venture builders in the MENA region, and Relish Venture Partners, a US-based relationship training app, with participation from Kuwait-based angel investors.
Fiz is positioned as a rapid e-grocery delivery startup founded in mid-2021 by the team behind the Kuwait-based food ordering platforms Bilbayt and Carriage. It aims to deliver approximately 1,500 stock-keeping units (SKUs) in 10–15 minutes. Fiz will soon be operational in multiple high-density neighborhoods in Kuwait.
“The model is simple, it always has been, it’s all about convenience and the next frontier is the ability to deliver in no time. Global players, such as Getir and GoPuff, developed the blueprint and the pandemic made it easier for consumers to shop online in the Middle East. All we needed to do was ensure we had the right locations for our dark stores or distribution centers and the right catalog for our consumers.“
According to reports, eCommerce funding in the Middle East, North Africa, Pakistan, and Turkey (MENAPT) has increased by 230 percent since 2017. Over the last year, the eCommerce industry raised more than 12 percent of all capital deployed across MENAPT, ranking as the third most-funded industry after T&L which raised the lion’s share of investments and FinTech.
Last year, Q-commerce startups in the MENA region took the lead in the eCommerce and delivery space, with companies like Yalla Market in the UAE, Goodsmart in Egypt, and Breadfast raising big rounds and setting the pace in this competitive space.