Re-commerce and reverse logistics platform Cartlow, which operates in the UAE and Saudi Arabia markets, has secured a funding of $18 million to expand its business in the region.
The Series A investment round was led by Saudi-headquartered AlSulaiman Group, according to a statement on Tuesday.
Cartlow enables businesses such as retailers and brands with various programs including returns and warranty management, buy-backs and trade-ins.
It also operates a B2B platform that provides traders and resellers access to “open-box”, second hand, refurbished and clearance products at below wholesale market rates. Merchandise can range from desktops, laptops, appliances to mobile phones and fragrances.
Cartlow said that with the new capital, it will be able tap into the “multibillion” reverse logistics market in the Middle East and North Africa (MENA) region. The global reverse logistics market was valued at $635 billion in 2020.
(Reporting by Cleofe Maceda; editing by Seban Scaria)