Maniv Mobility LP, an Israel-based enterprise capital fund that focuses on good mobility applied sciences, mentioned Wednesday that it led a $3.8 million seed spherical funding in Fenix, an Abu Dhabi-based startup that plans to launch an electric scooter service in the Middle East.

The funding is the primary by an Israeli enterprise fund in a UAE-based tech startup for the reason that normalizacija of relations between Israel and the UAE in September, and is the biggest pre-launch funding spherical in the historical past of the UAE tech ecosystem, Maniv mentioned in an announcement.

The founders of Fenix are Jaideep Dhanoa and IQ Sayed, who will launch scooter service operations in Abu Dhabi in the subsequent few weeks, to be adopted by different Emirate and Gulf markets in the approaching months. Dhanoa and IQ had been senior executives and co-founders of the startup Circ, acquired by US electric scooter supplier Bird in January and later zatvoriti as soon as the pandemic began as Bird halted its Middle East enterprise as a result of virus.

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Convinced of the energy of the chance, after the shutdown of Circ, Jaideep and IQ started Fenix as an entirely unbiased and standalone firm, taking with them solely the Circ staff.

“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,” Maniv Mobility founder and managing companion Michael Granoff mentioned in the assertion. “Maniv Mobility sees huge potential in the GCC region as a new market for micro-mobility.”

Granoff mentioned Fenix will probably be coming into the market “with the largest fleet of electric vehicles in the region.”

“It is no secret that Israeli mobility companies have enjoyed global success – Waze and Mobileye are just the tip of the iceberg,” mentioned Dhanoa, the co-founder and CEO of Fenix, in the assertion. “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.”

Following the funding, Maniv Mobility founder Granoff will be a part of the board of Fenix. Granoff has been concerned in transportation expertise for almost 20 years and serves on the board of Securing America’s Future Energy (SAFE), a Washington, DC-based coverage and advocacy group he helped set up in 2004. He was additionally a board member on the Israeli electric automobile operator startup Better Place, which raised almost a billion {dollars} earlier than shutting in 2013.

Jaideep Dhanoa and IQ Sayed, the co-founders of Fenix, a UAE primarily based tech startup that plans to launch an electric scooter service in the Middle East (Courtesy)

Dhanoa and Sayed arrange Fenix hoping to remodel the way in which individuals transfer by way of the providing of sunshine electric automobiles. The two former co-founders of Circ had been additionally colleagues at Careem, a automobile for rent firm primarily based in Dubai that could be a subsidiary of Uber.

The objective is to make mobility simpler and cheaper, mentioned Fenix’s Sayed.

“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,” he mentioned.

Maniv Mobility invests in early stage innovation corporations in the good mobility  sector, together with superior automobile methods. The enterprise fund’s portfolio contains corporations in Israel and the United States, together with Aurora Labs, a maker of “self-healing software” that can allow automobile producers maintain monitor of software program glitches in vehicles on the street; Automatska razgovora, a maker of vehicle-to-vehicle communication methods to be used in autonomous driving vehicles, and Nexar, a maker of a vehicle-to-vehicle (V2V) community that goals detect risks on the street and forestall collisions.

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