Dubai last mile operator Fetchr is most likely to be the next UAE technology start-up valued at US $1 billion and could attract acquisition interest from Amazon, according to a new report by CB Insights.
Fetchr is on track to join the likes of Careem (the UAE’s first unicorn), which was acquired by Uber earlier this year, according to the data and research platform as the UAE makes progress as "a significant incubator of technology start-ups".
Over half of the ten best-funded tech start-ups in the UAE since 2015 are in e-commerce, and start-ups are raising more money across more deals than in previous years, reports The National.
The ten biggest start-ups each raised at least $10 million in 2018, which was a new record.
CB Insights found that Fetchr, which allows customers to pick up and deliver packages using GPS co-ordinates instead of a postal address, was the third-best funded start-up in the UAE in 2018.
In second and third place were e-commerce company Noon.com and property portal Property Finder.
Fetchr has raised $52m across four funding rounds so far, according to Crunchbase.
Fetchr, which hosts its entire tech platform on Amazon Web Services, could be the global tech giant’s next target for potential acquisition as it looks at further expansion in the region and other emerging markets, according to CB Insights.
The company employs 3,400 people, across more than 200 cities, with eight offices.