Cartlow, UAE-based startup, raises 6 digit USD figure in first round of investments
Cartlow, an e-commerce startup that is pushing the "re-commerce" sector in the country, has secured an unspecified 6 digit USD figure in its first round of funding.
- The UAE startup is one of the first ‘re-commerce’ apps in the region, filling a gap in the pre-owned market by providing a solution for both retailers and consumers while sustaining the environment
- Cartlow is currently bridging a non-structured market gap and offering local consumers big-name products at market-beating prices from smartphones and tablets, to laptops, TVs, watches, toys, home appliances and more
One of the region’s fastest growing startups, Cartlow, raises its first round of funds from Arzan Venture Capital, Vision Ventures, and a group of angel investors.
The UAE startup is one of the first ‘re-commerce’ apps in the region, filling a gap in the pre-owned market by providing a solution for both retailers and consumers while sustaining the environment. With this investment, Cartlow plans to enhance technology and focus on near-future expansion to various GCC countries.
With inception in 2019, Cartlow has already shown success with over 100,000 items sold and half a million downloads since the official launch. Potentially a promising future for the home-grown concept, Cartlow foresees rapid growth this year with its first round of investments as it continues to scale.
Cartlow Founder, Mohammad Sleiman, comments “We are aiming to boost our selection and B2B solution while scaling our technology and expanding to other countries in the GCC region. Our first round of investments came with the aim to grow the business while keeping our promise to offering consumers a ‘smarter way to shop’.”
Cartlow is currently bridging a non-structured market gap and offering local consumers big-name products at market-beating prices from smartphones and tablets, to laptops, TVs, watches, toys, home appliances and more.
“Consumer adaption to the ‘pre-owned goods’ market is growing as trust is built with quality checks for each product. While other businesses may connect the buyers and sellers, we are raising the bar of the pre-loved items by providing a quality service by offering warranty, return policy, and extra value-added services such as installment plans, and much more launching soon” Mohammad says.
Whilst the consumer market is flourishing with an ever-increasing range of items to choose from, affordability is not. Cartlow provides users with a ‘smarter way to shop’; by purchasing these premium products and repurposing them for use. Each of the products that Cartlow distributes is expertly tested in-house and certified with up to one-year warranty, providing users with a peace-of-mind shopping experience, as well as a guaranteed best value deal.
E-commerce deals in MENA-based startups have tripled from 2016 to 2019. Find out more details behind this trend and many more in our 2019 MENA E-commerce Venture Investment Report HERE