UAE’s Cargoz expands business in Saudi Arabia via funding round

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UAE – UAE-based logistics solutions provider Cargoz has raised seed funding for an unknown amount to launch its operations in Saudi Arabia during the first quarter (Q1) of 2024.

The fundraising was led by Nama Ventures, RAZ Holding, Innovest Properties, and key regional family offices as well as angels in the logistics space.

Cargoz links small and midsize enterprises (SMEs) with warehousing companies that have extra capacity, according to a press release.

Founded in January 2022 by Premlal Pullisserry and Lijo Antony, the startup is similar to AirBnb but for commercial storage and warehousing.

The transaction comes in line with Cargoz’s regional expansion plans and follows its funding round that was secured in May 2023.

Pullisserry, Co-Founder and CEO of Cargoz, commented: “With many software products rolling out in the coming months, we hope to provide the best experience for SMEs that are looking for storage in both the UAE and shortly in Riyadh too.”

Mohammed Alzubi, Founder and Managing Partner of Nama Ventures, noted: “We first led the Cargoz pre-seed round back in June 2022, and we have been very impressed with the progress and traction that Premlal and Lijo have achieved in this short time.”

“This current round will allow Cargoz to continue supporting its clients in the UAE and also expand to KSA with its innovative smart technology offerings in the warehouse and storage space,” Alzubi mentioned.