UAE-based Boxit raises funding to fuel growth
Boxit, a UAE-based proprietary ‘valet storage’ platform, has successfully closed its second round of funding, from a group of private investors and led by the institution Alif Ba Holding. Total funding raised by Boxit in its last two rounds over the past year has reached $1.6M.
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Boxit, which now operates in the UAE and Kuwait, develops a proprietary platform and technology disrupting traditional self-storage by combining the inventory tracking and management capability typically found in large scale third party logistics operations with packing and moving services. They allow their customers to store their belongings and inventory in secure storage facilities outside of the city centre, pay only for the volume they occupy, and avoid the hassle of having to visit a storage unit themselves. This allows for a more cost-effective and seamless customer experience when it comes to storage.
Boxit's strategic investors from Kuwait acquired a significant majority in the entity in September 2017 and have provided the resources to activate and grow the Kuwait market as well as set the stage both strategically and financially for further expansion in the GCC.
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Premlal (Prem) Pullisserry, Co-Founder of Boxit commented, "We were fortunate to engage with the right partners at the right time, the combination of which allowed us to unlock the platform and team’s full potential and embark on a journey of significant growth and eventually market leadership in the region in the years to come."
The company has achieved a compound annual growth rate of over 145% in its top line since the beginning of 2018, over 160% in Q3 of this year as compared to the same period last year, and has already doubled its top line since the beginning of 2020 in the face of the unprecedented instability created by the pandemic. Such milestones allow Boxit to serve new customers searching for a much more seamless storage experience.
The round will fuel its rapid growth and facilitate its goal of securing a firm leadership position in the personal/SME storage vertical in the region over the coming 3 to 5 years.
The team have their sights firmly set on other major GCC cities where they believe there are very significant unmet demand and a big opportunity for Boxit’s simplified customer experience and highly efficient platform and operating model to secure pole position in the personal/SME storage space.
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