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Riyadh, Dubai - WeDeliver, the first crowdsourced delivery technology start-up company in the MENA region, has announced the closing of its unprecedented $2.4 million pre-seed round. This is the largest pre-seed round for a Saudi-based start-up and the third-largest for a start-up in the MENA region.
WeDeliver tripled its revenues in the last three months and achieved double digit growth rates every month since it launched in Riyadh last year shortly after the global pandemic lockdowns in April 2020.
Raising the largest pre-seed round for a Saudi-based start-up is key to realising the company’s vision to expand to other countries in the region in the next few months, and globally.
There are a large number of start-ups taking off in the MENA region that are challenging global markets, many of which have thrived during the pandemic.
weDeliver uses AI, machine learning, and a mobile application to connect businesses that have parcels to be delivered with freelancer drivers heading in the right direction. Using crowdsourced freelance drivers, and under-utilised warehouses for storage and hubs that include easy-to-find locations such as gas stations and local shops for collection and delivery, reduces delivery costs for the market.
The inspiration behind weDeliver emerged from weDeliver’s CEO and co-founder, Ahmed Ramala’s startup background. “Through my experience, I realized the value of a sharing economy to help our environment.
“Our business is meeting the region’s needs for quick deliveries which surged during the pandemic,” says Ramahi.
The company does not self-employ any drivers or own any warehouses itself and its business model is aligned to other cost-effective industry disruptors such as Uber and Air BnB.
“Our asset-light collaborative model is likely to disrupt intra-city logistics, enabling faster, more efficient, and low-cost delivery for businesses and online customers,” says Ramahi.
Mohammad Abu Kwaik, Chief Technology Officer and cofounder, says: “With the new funds we will improve the automation of our operations, in addition to building our own data warehouse.”
“There is huge demand for technology skills in the MENA region; at least 45% of our overall staff compliment by the end of 2021 will be technology specialists.”
Says Nasser Almaawi, Chief Commercial Officer and cofounder: "We are pleased to support economic growth in the region by providing a new type of delivery service that is low-priced, reliable, easy-to-order, with tech-driven tracking, verified drivers, transparent pricing, and customer support.”
The start-up oversubscribed its pre-seed round and is eager to partner with strategic institutional and individual investors who can add value beyond capital and support the promising expansion plans.
Current partners include Saudi logistics company, Salasel Alemdad, VEST investment company, Palestine Paltel Telcom Group, the Mutasami family fund, Arcom Technologies, along with Angels from leading management consulting firms, members of the Riyadh chamber of Entrepreneurship Organization, and Kassim Legal.
© Press Release 2021
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