Maniv Mobility Becomes First Israeli VC to Invest in UAE Firm
Maniv invested $3.8 Million in Emirati Startup Fenix.
Fenix founders Jaideep Dhanoa, right, and IQ Sayed, left. Courtesy Fenix
Israeli VC Maniv Mobility invested $3.8 million in an e scooter startup from the United Arab Emirates called Fenix. Israeli money investing in startups outside of the country is remarkable enough, but now Startup Nation is helping start new companies in an Arab Gulf State.
Based in Abu Dhabi Fenix plans to launch an electric scooter service throughout the Middle East. The company offers a Mobility as a Service (MaaS) e Scooter renting platform with an accompanying app.
Somehow Israel has found a way to make lemonade out of the lemons which the Covid Virus made out of 2020. But then again, this is something which Israelis have always done. From draining swamps to updating agricultural techniques for growing food in a desert, from developing alternative energies from the sun and wind to designing less expensive and more effective defense systems, Israel has always been at the forefront of innovation in all fields.
E scooters are certainly something which Israeli entrepreneurs and investors would be interested in. They are environmentally friendly and help ease congestion on the roads. The UAE must see the writing on the wall and know that gasoline based vehicles are on the way out and that it must new industries to replace oil.
And none of this would have been possible before the establishment of diplomatic ties between Israel and the United Arab Emirates just a few months ago. Since the establishment of formal ties between the two countries it seems like every week we here about yet another new and historic first.
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From the Emirati airline Etihad Airways making its first flight between Tel Aviv and the UAE to an Israeli pipeline preparing to carry oil from the UAE to the Mediterranean Ocean, the peace dividends just keep on coming.
Jaideep Dhanoa, Fenix co-founder and CEO remarked about the benefits of the new peace that, “As a result of the new friendship that has emerged since normalization between the UAE and Israel, we were grateful to meet the team at Maniv Mobility and now benefit from working with some of the most talented and experienced global investors and tech entrepreneurs in the mobility space.”
Fenix states that it wants mobility to be easier, cheaper and quite simply redesigned, so people can ride smarter, ride cleaner, ride lighter. Fenix’s vehicles include individual hand sanitizer dispensers and trackers that notify its team when they need cleaning.
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🚲⚡️Didn’t catch the first episode of Anything that Moves? Here are some highlights from @meirdardashti & @mina_nada, CEO @ridezoomo discussion on the #gigeconomy, #ebikes & #lastmile logistics: https://t.co/2I4xIzbNKj
— Maniv Mobility (@manivmobility) November 15, 2020
“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 partner Michael Granoff said in the statement. “Maniv Mobility sees huge potential in the GCC region as a new market for micro-mobility.”
Founded in 2015, Maniv Mobility is a global venture capital fund investing exclusively in leading mobility startups. Its growing portfolio is made up of early-stage, disruptive startups committed to a new mobility future. With decades of experience in the mobility, transportation, and policy sectors, Maniv’s ecosystem includes a global network of experts and industry leaders – allowing us to closely partner with startups and drive better outcomes.
Read more about: Fenix, Maniv, Maniv Mobility, startup nation, UAE
