Fenix, a micro-mobility venture focused on the Middle East, has secured $3.8 million in seed funding. Maniv Mobility LP led the round.
[TEL AVIV, ISRAEL: November 18, 2020] Maniv Mobility LP, the Israel-based venture fund dedicated exclusively to mobility tech, today announced it has led a $3.8m seed round investment in Fenix, a new micro-mobility venture focused on the Middle East. It marks the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations between Israel and the UAE and the largest pre-launch funding round in the history of the UAE tech ecosystem.
The third mobility startup founders Jaideep Dhanoa and IQ Sayed have collaborated on, Fenix will soon launch electric kick-scooter service operations in Abu Dhabi, to be followed by other Emirates and Gulf markets in the coming months. The company enters the market with the largest fleet of electric vehicles in the region, delivering faster, more affordable and better-connected journeys so people are empowered to do what they are meant to.
“The challenges and opportunities of mobility cross all borders – Maniv now has portfolio companies in six countries. When it comes to finding safe, affordable, and clean ways of moving people around cities, the same solution sets apply to Tel Aviv, London – or Abu Dhabi. We are delighted to be the first Israeli VC to invest in a UAE-based tech company,” said Maniv Mobility founder and managing partner, Michael Granoff. “Maniv Mobility sees huge potential in the GCC region as a new market for micro-mobility and we were incredibly impressed by the team at Fenix and their drive to change the mobility future across the region. At Maniv Mobility, we eat, breathe and sleep mobility, so we are able to support the team as they bring their service to market and rapidly expand across the Middle East.”
Jaideep Dhanoa, co-founder and CEO of Fenix: “When we started Fenix, we sought the most value-adding investors that could support our mission of unleashing urban potential and propelling communities forward. As a result of the new friendship that has emerged since normalization between the UAE and Israel, we were grateful to meet the team at Maniv Mobility and now benefit from working with some of the most talented and experienced global investors and tech entrepreneurs in the mobility space. It is no secret that Israeli mobility companies have enjoyed global success – Waze and Mobileye are just the tip of the iceberg. We hope this investment is just the start of a cross-pollination of talent, capital and innovation between the nations that can only be an accelerant in the development of a true middle-eastern tech ecosystem that will greatly benefit the region and its people at large.”
IQ Sayed, Co-Founder of Fenix: “We want to transform the way our cities move and ignite impactful commerce by making mobility easier, cheaper, and quite simply redesigned, so we can all reach our potential. Increasing mobility connectivity creates a more productive and inclusive economy and facilitates local commerce in our communities. Our collaboration with Maniv Mobility and this historic seed investment provides the resources and expertise for Fenix to build technology innovations that best service the mobility needs of the people and city partners in our region.”
Following the investment, Maniv Mobility founder & managing partner, Michael Granoff, will join the board of Fenix. Granoff has been involved in transportation technology for nearly 20 years and serves on the board of Securing America’s Future Energy (SAFE), a Washington, DC-based policy and advocacy organization he helped establish in 2004. He was also a board member at the Israeli electric vehicle operator start-up, Better Place, which raised nearly a billion dollars before shuttering in 2013.
Maniv was represented by Daniel Chinn of AYR as lead counsel on the investment, assisted by Davidson & Co. in the UAE and Appleby in the Cayman Islands.
About Maniv Mobility
Maniv Mobility is a venture capital fund that invests globally in early stage startups that make the movement of people and goods more convenient, affordable, safe and clean. Limited partners in the fund include large global auto manufacturers, suppliers and industry players. Maniv’s portfolio includes companies developing sensors, software, simulation, autonomous systems, mobility services, micromobility, and more. Founded in 2015, Maniv is headquartered in Tel Aviv, Israel with an office in San Francisco. More at http://www.maniv.com
Jaideep Dhanoa and IQ Sayed, former co-founders of Circ and colleagues at Careem, created Fenix with a vision to unleash urban potential and propel communities forward. Fenix is committed to the Middle East region – to transform the way our cities move and ignite impactful commerce. The company delivers dependable, highest-quality rides with custom-made personal light electric vehicles, to make cities easier to navigate and more enjoyable to explore.
Fenix retains the largest fleet of electric vehicles in the Middle East.
For more information, visit http://fenix.life