Carltlow, a UAE based Reverse Logistics Platform, has raised $18M in its Series A round to further enable its expansion in KSA.
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Cartlow, the reverse logistics platform in UAE and KSA, has raised $18M in Series A round. The round was led by Cartlow’s strategic partner, AlSulaiman Group (“ASG"), a Saudi Arabia based group with investments in various sectors including omni-channel Retail, Logistics, and E-commerce. Cartlow began as a Re-Commerce platform which then grew to become a cloudbase technology platform in UAE and KSA, offering SaaS (Software as a Service) services to major players within the reverse logistics ecosystem.
The E-commerce sector continues to capture investor attention in 2022 having aggregated over $250M in the first quarter of the year, as seen in our E-commerce Q1 2022 Venture Investment Report. The major rounds closed by B2B E-commerce platform Bazaar, Saudi-based Q-commerce startup Nana, and Turkey’s open market E-commerce platform n11.com drove the 348% QoQ growth in VC funding over Q1’22, to make E-commerce the fourth most-funded industry across EVMs. Over 2022 so far, sizable funds have been raised by E-commerce startups across MENAPT, even in SEED and Pre-SEED stages. E-commerce startups continue to expand their portfolio with Q-commerce, social commerce, and now Re-commerce startups raising sizable funds. Re-commerce refers to “Reverse Commerce'' and it entails the selling of previously owned, new or used products through physical or online distribution channels. This year has seen huge amounts of capital being injected into E-commerce solutions in Later-Stage deals (Series A to Series C) including Pakistan’s Dastgyr’s $37M Series A, Kenya’s Copia Global’s $50M Series C, and Egypt’s Brimore’s $25M Series C rounds.
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Since its launch, Cartlow has significantly impacted the reverse logistics ecosystem by enabling major retailers and brands with various programs including; returns management, warranty management, buy-back and trade-ins driven by its technology. In addition, Cartlow’s re-commerce platform for consumers and businesses provides unbeatable prices on a range of products assuring the highest quality standards. Cartlow is ISO certified and holds the R2 certification, demonstrating its commitment to environmentally responsible recycling practices.
The global reverse logistics market was valued at $635Bn in 2020 and is projected to reach $958Bn in 2028, with a cumulative annual growth rate of 5.6%. The MENA multibillion reverse logistics market was untapped and Cartlow is planning to take it by storm with this investment. Saud AlSulaiman, CEO at AlSulaiman Group, commented on the investment, “Our investment in Cartlow further highlights our commitment to the Kingdom’s 2030 Vision sustainability targets through enhancing the circular economy and eliminating waste in value chains.''
This investment will boost Cartlow with the ability to further expand its operations and services in Saudi Arabia and the UAE, optimize technology and contribute to decarbonization in the economy. It will also enable the startup to further mature its ecosystem in the region by combining return management, recycling, and re-commerce through its advanced technology. Mohammad Sleiman, Founder and CEO at Cartlow, concluded, “The investment will help take Cartlow to the next level. Our aim is to continue to drive innovative technology within the reverse logistics landscape across the region.”
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