Dubai start-up Quiqup raises $1.36m from Mohammed bin Rashid Innovation Fund
Summary
Dubai-based technology start-up Quiqup received a guarantee for a loan worth Dh5 million ($1.36m) from the Mohammed bin Rashid Innovation Fund (MBRIF) as it looks to support the growth of the “quick commerce”, or the q-commerce economy, in the UAE. Quiqup, a q-commerce platform which offers e-commerce businesses, small and medium enterprises and larger corporations last-mile logistics services, uses artificial intelligence and machine learning to power its operations. The guarantee from MBRIF will help Quiqup to gain access to "affordable debt finance to continuously invest in its research and development capabilities, and strengthen its innovative technology solution” as it seeks to scale up operations across the region, the company said on Monday. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further,” said Bassel El Koussa, chief executive of Quiqup. Last year, the country launched The Entrepreneurial Nation initiative, which aims to offer support through a series of public-private partnerships that help entrepreneurs set up operations in the UAE, expand their businesses, export their products and tap into online sales.