Dubai, UAE: The Mohammed Bin Rashid Innovation Fund [MBRIF], an initiative launched by UAE Ministry of Finance to support innovation in the UAE, today announced it has provided a guarantee for a loan worth AED 5 million to Quiqup, an innovative q-commerce tech startup powered by AI and machine learning. The business is at the forefront of the next generation of mobility of goods and services in urban cities, helping to accelerate the UAE to become the fastest q-commerce economy in the world.
The announcement is in line with MBRIF’s mandate to support the tech and innovation ecosystem with initiatives that will be beneficial for the country and support the environment for entrepreneurs in the UAE. Quiqup is proud to support the UAE business landscape, from SMEs to enterprise organizations, with reliable services that provide opportunities for local businesses to succeed.
Dubai-headquartered Quiqup is revolutionizing the e-commerce landscape. They have disrupted the last mile though their unique operating model, powered by their proprietary AI infrastructure, delighting consumers with a 60-minute q-commerce experience. The world is moving into super-fast delivery and the trend is already taking place in cities like London, Berlin and New York. As the new economy moves towards q-commerce, 60-minute delivery will become the standard rather than the current two to three days. This will impact all categories including food, fashion, beauty and cosmetics, as brands compete to meet consumer expectations. Quiqup enables companies to quickly adapt their e-commerce through its proprietary technology and hyper local fulfillment centres spread across the city.
The guarantee from MBRIF enables Quiqup to access affordable debt finance to continuously invest in their research and development capabilities and strengthen their innovative technology solution, as they plan to scale across the region.
Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and the representative of MBRIF, said: “Our aim at MBRIF is to enable companies that have a strong innovative capability with the potential to contribute significantly to the UAE’s economic development. In this context, we are pleased to support Quiqup through our Guarantee Scheme. We have been working closely with them and have witnessed the immense potential they have. We believe Quiqup’s deep knowledge and expertise makes them well-positioned to tap into local and regional markets from the UAE.”
Bassel El Koussa, CEO of Quiqup, added: “Quiqup is proud to have the MBRIF contribute to our journey. We are committed to innovating e-commerce logistics through the development of cutting-edge technology and operating models. The UAE has been a fantastic market for our product and a real launch pad for Quiqup. We are excited to continue our rapid growth trajectory and look forward to developing this partnership with MBRIF further.”
In addition to its Innovation Accelerator program, the Guarantee Scheme is a key program offered by MBRIF to provide innovators with unique access to affordable debt finance without giving up equity.
About the MBRIF:
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.
The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.
Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE.
Quiqup is a q-commerce technology platform enabling e-commerce businesses, from SMEs to enterprise organizations, with convenient, reliable and fast last-mile logistics services. Headquartered in UAE since 2019, Quiqup’s proprietary technology and scalable model supports businesses to meet growing customer demands for online shopping in the region. Its unique operating model provides a superior experience, with fastest delivery, easy integration, in-depth analytics and great customer service.