Saudi Venture Capital Firms Propel Funding for Logistics Startup Cargoz
Date
5/29/2023 3:14:48 AM
(MENAFN) Saudi Arabia's venture capital firms are playing a crucial role in enhancing the startup funding landscape in the region. Recently, Nama Ventures and RAZ Group spearheaded an investment round to support the expansion of Cargoz, a UAE-based logistics startup, in the Kingdom.
Cargoz, often referred to as the "Airbnb for commercial warehousing," has secured bridge funding from Nama Ventures, RAZ Group, and select angel investors from the UAE and Saudi Arabia who hold prominent positions within the logistics industry. While the exact amount of funding remains undisclosed, the investment will fuel Cargoz's growth plans.
Established in 2022 by Premlal Pullisserry and Lijo Antony, Cargoz offers a platform that connects small and medium enterprises with warehouse companies for short-term contracts. By providing an on-demand storage solution, Cargoz addresses a significant market issue that had been underestimated until now. In a press release, the company acknowledged the pain and stress involved in finding storage facilities for SMEs and highlighted the broken nature of the existing experience.
The newly acquired funding will serve as a catalyst for Cargoz's expansion in the UAE, as well as facilitate a soft launch in Riyadh during the third quarter of this year. The company's noteworthy growth over the past eight to nine months further underscores the value it brings to the market.
Nama Ventures, renowned for its 29 investments in various startups, including notable ones like Muqbis, Punt Partners, and Faceki, expressed tremendous enthusiasm in supporting Cargoz's journey. This backing from experienced investors in the logistics industry demonstrates the trust and belief in Cargoz's innovative approach to transforming the warehousing sector.
With the support of Saudi venture capital firms and the forthcoming launch in Riyadh, Cargoz is poised to make a significant impact in the logistics landscape by revolutionizing on-demand storage for SMEs and simplifying their operations. The partnership between Cargoz and the investors reflects the growing potential of the startup ecosystem in Saudi Arabia and the crucial role venture capital plays in fostering entrepreneurial growth and innovation.
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