Dubai-based courier and delivery company Fetchr has secured around $15 million in its Series C funding round, the media reported.
According to Fetchr, investors that participated in its funding round include BECO Capital, Tamer Group, CMA CGM and its logistics arm CEVA Logistics.
Fetchr revealed that it plans to raise another $10 million by the end of the year.
The funds will be used by the company to expand to China, US, the UK and other European markets and also diversify its revenue stream.
In a statement, the company said, “The support of these strategic investors will enable Fetchr to grow its top-line, diversify its revenues and expand its operational footprint. They have backed the company during its painstaking transformation period and will be key partners in the company’s future.”
“Investors are confident of Fetchr’s credible plan to reach break-even earnings before interest, taxes, depreciation and amortization (EBITDA) by the latter part of 2020, after a 77 percent improvement in group EBITDA that has been achieved already. They see value in its revenue diversification strategy for different product lines. ”
During the month of July, Fetchr secured $15 million in fresh funding to expand in Saudi Arabia.
Last year, the logistics company was considering selling the business or filing for bankruptcy due to a rapidly diminishing financial performance. However, it managed to turn corners and change its fortune.
According to media reports, the company was saved by a $10 million it raised in bridge finance, which diluted existing shareholders to almost zero.