Micromobility venture Fenix, launched by ex-Careem executives, secures $3.8 million in seed funding

Abu Dhabi has welcomed a new player in the micromobility scene with the arrival of Fenix Scooters. This innovative company, founded by former executives of Careem, Jaideep Dhanoa and IQ Sayed, has raised a significant seed round of $3.8 million, making it one of the largest investments ever in a UAE-based startup.

The Israeli venture capital firm Maniv Mobility led the investment, marking the first Israeli VC investment in a UAE-based tech company. Michael Granoff, the founder and Managing Partner of Maniv Mobility, expressed his excitement about the potential of the GCC region as a new market for micro-mobility, stating that the challenges and opportunities of mobility cross all borders.

Fenix Scooters is launching with the largest fleet of electric vehicles in the Middle East, North Africa, and Turkey. The scooters come equipped with hand sanitization dispensers installed and trackers that notify the company when they need cleaning, reflecting the company's commitment to hygiene and safety in the post-Covid era.

Micromobility has emerged as the safest form of shared transportation globally since the start of the pandemic, offering de facto social distancing and natural sanitization from the sun's UV rays, heat, and humidity. Fenix Scooters aims to transform the way cities move and ignite impactful commerce by making mobility easier, cheaper, and redesigned.

IQ Sayed, co-Founder of Fenix, revealed that the startup was born during the Covid-19 lockdowns and that the company aims to make a significant impact in the micromobility sector. This is the third company in the mobility sector where Dhanoa and Sayed are working together, and the second they've co-founded. The duo previously co-founded European micromobility startup Circ in 2019.

Fenix has already launched its services in Abu Dhabi, enabling people to book electric scooter rides in several locations. The company plans to expand across the UAE and then to the rest of the GCC, aiming to become 'first pan-GCC operator' by 2022. With the largest fleet of electric vehicles in the region, Fenix is poised to make a significant impact on the micromobility landscape in the Middle East.

The investment round also saw participation from Icebreaker.vc, marking the first investment in a UAE startup by an Israeli VC firm. This investment follows the normalization of the relationship between the two countries in September.

With a focus on hygiene, safety, and innovation, Fenix Scooters is set to revolutionize the micromobility sector in the UAE and beyond. As the company expands, it promises to offer a cleaner, safer, and more efficient mode of transportation, making cities more livable and sustainable.