Micromobility Startup SPIDERS Raises $1.4 Million
SPIDERS, a Saudi micro-mobility rentals company has closed a $1.4 million pre-seed investment round led by Watheeq Capital. The company has been able to expand in vital areas in Jeddah and Riyadh cities in more than 16 different locations serving thousands of rides. SPIDERS is on a mission to enable people to move around in […]
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SPIDERS, a Saudi micro-mobility rentals company has closed a $1.4 million pre-seed investment round led by Watheeq Capital.
The company has been able to expand in vital areas in Jeddah and Riyadh cities in more than 16 different locations serving thousands of rides.
SPIDERS is on a mission to enable people to move around in an easy, affordable, and eco-friendly way. This mission comes in line with one of the objectives of the Kingdom’s Vision 2030 in both the Quality-of-Life Program and the transportation mandates.
SPIDERS provides shared electric micro-mobility services that allow people to rent vehicles via Android and iOS applications. These vehicles are powered by electric batteries, getting users to a maximum speed of 20-25km/h. To use the service, users need to locate a nearby scooter, use a QR code to unlock the scooter, then head to their destination.
There is an activation fee to unlock SPIDERS’ Scooter of SAR 1 per minute with no registration fees. The company comes with an innovative approach that the public can use and park the scooters in any location.
SPIDERS founder and CEO, Majd Baik, said: “Our company was created to support Saudi Arabia’s Vision 2030 in many sectors and projects, including transportation, Quality-of-Life Program, and the Green Saudi Initiative by providing micro electric vehicles that reduce carbon emissions.”
“We think that we have the know-how and the right tools to get the app right, and to provide products that work for the Saudi market and MENA region in later stages. We believe that we are capable of making SPIDERS the leading micro-mobility company in the MENA region.”
Khaled Zaidan, head of alternative investments at Watheeq Capital said: “There is a broad competitive advantage in the scooter business, however, none of the current companies has a patent. It’s all about the execution, and that is what we saw in SPIDERS’ Team. We are excited and deeply encouraged by their performance and we are looking to help them in building their position as the number one micro-mobility company in MENA and accelerate their success in this competitive industry.”
