Israeli VC Announces First Investment in UAE Micro-Mobility Company Fenix

Israeli VC Announces First Investment in UAE Micro-Mobility Company Fenix

Israeli investment fund Maniv Mobility is investing $3.8 million in the seed round of Emirati micro-mobility company Fenix. This appears to be the first investment by an Israeli venture capital fund in a UAE company. Fenix is a young startup that specializes in electric scooters for the Middle East region.

In an interview with Calcalist, Maniv Mobility founder and managing partner Michael Granoff and Fenix co-founder Jaideep Dhanoa discussed the investment. “Fenix is focused on micro-mobility in the Middle East. We will launch first in Abu Dhabi, with several thousand units. We feel there is a very big opportunity for micro-mobility in the region. Our experience from working at Circ, which is being acquired by Bird, strengthens that sentiment. The biggest challenge is profitability, which is what everyone is seeking. Our approach is to find quality margins. We will reduce our costs significantly,” said Dhanoa. “I see no limits to where we can go in the future and Israel is one of the most active markets in the field. It is very possible that we will enter Israel, but right now we’re focused on the UAE.”

Fenix was founded by Dhanoa and IQ Sayed, for whom it is their third company. Both were co-founders in Circ and then executives at Careem. The company aims to launch in Abu Dhabi and then expand to the rest of the Persian Gulf states in the coming months. It aims to enter the market with the biggest fleet of scooters in the region. Following the investment, Granoff will be joining the company’s board of directors.

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