Dubai-based delivery company iMile founder and CEO Rita Huang on Tuesday (Nov. 30) said the company has wrapped up a $40 million Series A funding round at a $350 million valuation, marking the largest fundraising effort of its kind by a woman in the region.
The fresh infusion of cash will help iMile expand its proprietary technology globally and allow its 100 engineers in China to further develop its consumer technology app that’s focused on shipping in emerging markets.
iMile started as a way to help Middle East residents overcome the so-called no-address problem with last-mile delivery services. The company now supports eCommerce in the region with positioning, predictive and machine learning technologies that meet today’s transport and shipping demands.
The company will help smaller eCommerce businesses with a digitized onboarding process and iMile’s delivery app, which allows users to track, schedule and book orders. iMile is also expanding beyond eCommerce into telecommunications and banking.
“This is truly an exciting time for iMile as we continue to expand across the region and around the world,” Huang said. “We have a very strong presence in the Middle East, and we plan on expanding into Africa, and Latin American markets.
“We intend to further invest in our technology, whilst improving the performance and excellence of our services. The investment will also help us accelerate our growth in many more markets to come. We have a real vision to connect Chinese sellers to the world through exceptional service,” she said.
Related: Delivery Startup Getir to Buy UK’s Weezy Amid Major Consolidation Moves in Ultrafast Grocery Market
Last week, Turkish 10-minute delivery company Getir agreed to acquire British rival Weezy as part of its plans to further expand into the U.K. The Istanbul-based company has 15 locations in the U.K., including London, Manchester, Birmingham and Liverpool.
U.K.-based Weezy operates in London, Manchester, Brighton and Bristol with 700 employees, including its delivery drivers. That number is projected to reach more than 4,000 employees globally through the Getir acquisition.
Getir and its network of scooter drivers fulfill more than five million orders per month in Turkey, according to a PYMNTS report, and its valuation was more than $7.5 billion in June after a $550 million funding round.
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