Abu Dhabi-based leading micromobility startup Fenix has completed its $5 million Seed round, after securing a $1.2 million second close led by Saudi Arabia-based venture firm Emkan Capital and UAE-based Panthera Capital Ventures.
The startup firm plans to use the new funds to invest in the research and development of their scooters, and to expand across the Gulf Cooperation Council (GCC) region.
Since its establishment in November 2020, Fenix has experienced rapid growth in the region, launching in two countries and four cities in less than three months of operations.
The startup company has already secured its position as a innovation leader with the launch of the region’s first private e-scooter subscription, MyFENIX, and the world’s first e-scooters with integrated hand sanitization packs for extra coronavirus protections.
Further, the seed capital will support Fenix’s goals to become the first national micromobility operator in all seven Emirates in the UAE in 2021 and the first Pan-GCC operator by 2022.
“There has been a profound demand for micromobility 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. Micromobility is transforming the way countries and cities engage in commerce and Fenix is proud of our role to ignite impactful commerce in the region, one city at a time. Closing a $5 million Seed Round from value-adding investors that understand our market provides tremendous support to bring our vision to fruition and we would like to thank Emkan Capital and Panthera Capital Ventures for placing their trust in Fenix.”
Ghassan Aloshban, General partner at Emkan Capital said, “We believe that micromobility will be a critical component of the broader transportation spectrum, and we expect this to only be amplified by the increased development of public transport options in the region.”
“Panthera Capital Ventures partnered with Fenix to launch their e-scooter services successfully in Fujairah. In the last couple of months, we have been able to witness firsthand the exceptional capability of the team and high user adoption of e-scooters in our Emirate. It is, therefore, a natural next step for us to invest in Fenix’s growth and be a part of this mobility disruption that will enable easier and more efficient movement across cities,” commented Mohammed Alothman, CEO of Panthera Capital Ventures.