Fetchr announced today that it has raised US$41 million in a Series B funding round led by US-based VC firm New Enterprise Associates (NEA), with other investors including Majid Al Futtaim Holding, Nokia Growth Partners, Raed Ventures, Iliad Partners, BECO Capital, YBA Kanoo, Venture Souq and Swicorp. This announcement comes two years after Fetchr’s last funding round in 2015, which also had NEA lead a $11 million Series A investment in the tech startup.
While the funding by itself is something for the MENA entrepreneurial ecosystem to cheer about, Fetchr’s achievement is particularly noteworthy when you consider that it's a company co-founded by a female entrepreneur, Joy Ajlouny. A report by PitchBook earlier this year had noted that in 2016, the percentage of global VC deals for companies with at least one female founder was just 16.8%- which makes Ajlouny a key figure in turning this tide around for women entrepreneurs around the globe, a cause that she is particularly passionate about.
Entrepreneur Middle East talked to Ajlouny about this topic a few weeks ago for #EntMETalks—check out excerpts from the conversation in the video above.