One of Middle East’s Largest Startups Narrowly Averts Collapse - Bloomberg:
Courier app Fetchr, once one of the Middle East’s largest startups, raised as much as $10 million in emergency funding to help avoid collapse.
The Dubai-based company, which offers delivery and logistics services to e-commerce firms, is also in the process of securing as much as $25 million in additional funding to turn the company around, according to people with knowledge of the matter.
Existing Fetchr investors, who had put up more than $50 million since the company was founded in 2012, will see the value of their shares diluted to almost zero, according to a letter to investors seen by Bloomberg and the people, who asked not to be identified because the matter is private.
A spokesman for Fetchr confirmed the company had raised up to $10 million in financing from existing and new investors. He also said a majority of shareholders had approved a new financial and board structure.
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