Saudi firm leads $5m funding for scooter startup

RIYADH: A scooter startup firm, Fenix, founded by former Careem executives, has secured $5 million in seed funding, with $1.2 million coming from Saudi venture capital firm Emkan Capital.

Since its launch in Nov. 2020, Fenix has experienced rapid growth in the region, launching in two countries and four cities in less than three months of operations.

Founders Jaideep Dhanoa and IQ Sayed met at Dubai-based ride-hailing company Careem, where they worked as senior director of growth and strategy, and vice president of engineering, respectively.

Fenix plans to use the new funds to invest in research and development of their scooters and to expand across the Gulf Cooperation Council region.

The company has already staked its innovation leadership position 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.

Dhanoa said: “Micromobility is transforming the way countries engage in commerce and Fenix is proud 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.”

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.”