Dubai, United Arab Emirates: Cartlow, the leading reverse logistics platform in UAE and KSA, has raised $18 million in Series A round. This investment will provide 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.
The round was led by Cartlow’s strategic partner, AlSulaiman Group (“ASG"), which is 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 the leading cloud based technology platform in UAE and KSA, offering Software as a Service (SaaS) services to major players within the reverse logistics ecosystem. Since Cartlow’s inception, they have handled more than +25 million units and saved more than 10 million tons of e-waste.
The global reverse logistics market was valued at $635 billion in 2020 and is projected to reach $958 billion 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.
The investment will enable Cartlow to further mature its ecosystem in the region by combining return management, recycling, and re-commerce through its advanced technology.
Saud AlSulaiman, CEO at AlSulaiman Group, comments, “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”
Mohammad Sleiman, Founder and CEO at Cartlow, stated “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,”
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.
Cartlow is the leading reverse logistics platform in the region. Cartlow began as a Re-Commerce platform which then grew to become the leading cloud base technology platform in UAE and KSA, offering SaaS services to major players within the reverse logistics ecosystem. 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.
About Alsulaiman Group:
Alsulaiman Group is owned by the Alsulaiman family and was established by H.E. Dr. Ghassan Ahmed Alsulaiman in 1983 in Jeddah, Saudi Arabia. Alsulaiman Group is an active retailer and retail-related services group that is represented by 6 companies serving Saudi Arabia and GCC countries. With an average of 4000 employees in the year of FY21. Its business activities cover three segments Omni-channel Retail, Services, and Retail Real-estate. The Omni-channel Retail segment has two business models “Brand Concepts” and “Platforms & Market Places”. The services segment is driven by the continued growth in e-commerce making “Ecommerce Fulfilment”, “Last-Mile Delivery” and “Home Services” enormously important. The retail Real-estate segment is focused to support the development and expansion of the retail segment.
For more information, please visit : www.alsulaimangroup.com