Dubai-based delivery company iMile founder and CEO Rita Huang on Tuesday (Nov. 30) said the company has wrapped up a $40 million Series A funding round at a $350 million valuation, marking the largest fundraising effort of its kind by a woman in the region.
The fresh infusion of cash will help iMile expand its proprietary technology globally and allow its 100 engineers in China to further develop its consumer technology app that’s focused on shipping in emerging markets.
iMile started as a way to help Middle East residents overcome the so-called no-address problem with last-mile delivery services. The company now supports eCommerce in the region with positioning, predictive, and machine learning technologies that meet today’s transport and shipping demands.
The company will help smaller eCommerce businesses with a digitized onboarding process and iMile's delivery app, which allows users to track, schedule, and book orders. iMile is also expanding beyond eCommerce into telecommunications and banking.
“This is truly an exciting time for iMile as we continue to expand across the region and around the world,” Huang said. “We have a very strong presence in the Middle East, and we plan on expanding into Africa, and Latin American markets.
"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 have a real vision to connect Chinese sellers to the world through exceptional service,” she said.
Reference: iMile Delivery Grabs $40M for Global Expansion | PYMNTS.com