August 31, 2015: Etihad Etisalat's venture capital arm Mobily Ventures has agreed to invest in Dubai-based shipping, logistics startup Fetchr.
Fetchr provides a smart phone app that helps manage package pick-up and delivery schedules using smartphones and GPS.
The technology is said to facilitate package deliveries where there is a lack of addressing systems. It will also support communication between customer, package, driver and sender to provide faster, cheaper, seamless deliveries.
To send a package, customers are required to take a snap of the item and select a pickup time. They will receive an alert once the driver is approaching and the item is shipped. On the other side, the recipient will be notified of the delivery, to choose their time to receive the package.
The financial terms of the transaction have not been disclosed.
Mobily Ventures chairman Dr Karl-Michael Henneking said: "We look for strong teams innovating to solve important problems. Fetchr is one such company that we believe will vastly improve the shipping options businesses and consumers in the region have."
Fetchr co-founder Idriss Al Rifai said: "We are delighted Mobily Ventures shares our vision for using disruptive technology to improve the shipping experience for consumers in the region."
Earlier this year, the company raised US$11m in series A financing with US-based New Enterprise Associates (NEA).