- Dubai-based last mile delivery company iMile, has raised a $40 million Series A round at a $350 million valuation.
- Founded in 2017 by Rita Huang, iMile offers B2B and B2C last-mile delivery services across the Middle East, including cross-border deliveries. The funds will be used to improve the company's tech stack as well as accelerate its expansion across the GCC, North Africa and Latin America.
- This is the largest round ever raised by a female founder in the Middle East.
Source: PR Newswire
Dubai-based delivery company iMile founder and CEO Rita Huang, formerly of Alibaba and Huawei, today announced a $40 Million Series A financing round at a 350 million US dollar valuation. This is the largest series A round by a woman in the region and a key step forward in meeting her vision to transform the logistics chain between Chinese sellers and the rest of the world.
iMile has 100 engineers in China and this round will help iMile to expand its proprietary technology further, globally expand and develop its consumer technology app dedicated to disrupting traditional shipping in emerging markets: iMile was born as a solution for last-mile delivery services, the key logistics challenge in the Middle East - the 'no-address problem'. iMile's propriety tech developments now play a pivotal role in supporting e-commerce in the region: its positioning, predictive, and machine learning technologies are equipped to meet the transport and shipping demands of the next generation of delivery.
Going forward, iMile not only seeks to improve performance for its partners but also support the growth of smaller e-commerce businesses by digitalizing their onboarding process. iMile's customer-to-customer services will also develop with the launch of iMile's Delivery App allowing users to track, schedule and book orders. This service enables iMile to support local businesses that have no centralized access to first and last-mile services by offering them agile logistics solutions. The app is available on Play Store, Apple Store, and AppGallery.
Already a trusted vendor partner to top e-commerce players in the Middle East, iMile will further extend its services to other sectors such as Telecomm and Banking.
CEO and Founder of iMile, Rita Huang commented: "This is truly an exciting time for iMile as we continue to expand across the region and around the world. We have a very strong presence in the Middle East and we plan on expanding into Africa, and Latin American markets.
"Our latest funding round is a proud moment for us and 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 are one of the largest shippers from China and we have a real vision to connect Chinese sellers to the world through exceptional service."