Quiqup closes $5.5m funding round led by Delivery Hero

Funding | International | South East | Start-up | Technology | Transport & Distribution

Quiqup, the UAE-based on-demand and same-day delivery tech startup, raised over $5.5m in its most recent funding round which was led by Delivery Hero and supported by strategic shareholders, Cedar Mundi, JOBI Capital, and Transmed.

The company will use this capital to further expand their AI-driven logistics infrastructure that enables all businesses to offer best-in-class, fast delivery services to their customers. The aim is to have the fastest delivery service in the market.

Testament to its regional ambitions and to bolster its vision, Iyad Kamal (logistics veteran and ex-COO at Aramex) joins Quiqup as a strategic advisor. Commenting on his appointment, Iyad said: “Quiqup is changing the game in the e-commerce and delivery space. They have a unique and transformative business model that is a game-changer for the region. Same-day delivery is the next frontier in e-commerce logistics and Quiqup has what it takes to crack the model.”

Quiqup also reported the continuous and rapid growth of its operations in the UAE. The company is currently working with more than 800 brands. The past quarters have already seen favorable trends, accelerating the company’s development and helping to double the size of its business in 2020.

Bassel El Koussa, Co-founder and CEO of Quiqup said: “The pandemic has enabled us to turn challenges into opportunities. We managed to quickly expand by diversifying our portfolio to include new sectors such as pharmaceutical clients and also add more grocery businesses. These positive developments opened up a whole new universe of clients, which encouraged us to raise further investment.

“The power of our team has been another instrumental element to our success during the recent challenging times. Not only did we have the right technology and scalable system to cope with the intense spike of volumes, more importantly, we had a team with a deep sense of solidarity. As the crisis forced retailers to close and people to stay at home temporarily, our team dedicated time and efforts to serve a purpose to keep the community connected with critical medicines or food or fun trinkets that make people smile.

“Inspired by our success and the projected long-term trends of the space, we are now gearing up for a new phase of expansion to champion on-demand and same-day urban delivery across the GCC region.”

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