UAE-based logistics startup Cargoz has secured an undisclosed bridge funding round from Nama Ventures, RAZ Group, and other key angel investors from the UAE and Saudi Arabia.
Cargoz aims to link small and medium-sized enterprises (SMEs) enterprises with warehousing firms in order to leverage on-demand storage in a handy platform.
The startup was established in January 2022 by Premlal Pullisserry, the CEO, and Lijo Antony, the Chief Technical Officer (CTO).
Pullisserry highlighted that the proceeds of the bridge fund will enable them to boost growth in the UAE and prepare for the startup's launch in Riyadh during the third quarter (Q3) of 2023.
He commented: “Since our pre-Seed funding, we have recorded significant growth in the last 8-9 months it appears like we are solving a huge problem that has existed for several decades now.”
“We underestimated the pain of finding on-demand storage for SMEs and how broken and stressful that experience was,” the CEO added.
Mohammed Alzubi, Founder and Managing Partner of Nama Ventures, said: “From the first ten minutes of our conversation it was clear to us that these guys are onto something special.”
“Honestly what impressed us the most is that this is their second startup together. It takes a special kind of respect and role clarity among founders to want to keep disrupting industries together as a team,” Alzubi noted.
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