Fenix, the Abu Dhabi-based micro-mobility startup, has announced that it raised $3.8 million in a seed round. The net yield from the round is significant given that it is now being considered the largest ever seed investment ever raised by a UAE startup.

Fenix was launched earlier in 2020 by Jaideep Dhanoa and IQ Sayed, both former executives of ride-hailing giant Careem. Sayed had previously also founded the European micro-mobility startup Circ last year, where Jaideep served as the head of the MENA unit.

Fenix will be led by Dhanoa as the co-founder/CEO.

The newly raised fund is expected to help Fenix extend its operations to all of the UAE, and eventually to the rest of the GCC as it plans on becoming the first pan-GCC micro-mobility platform.