Cartlow, a cloud-based logistics technology platform in the UAE and Saudi Arabia, has raised $18 million in a growth financing round that will help it expand its operations in the region’s two biggest economies.
The funding will enable Cartlow to further mature its business ecosystem in the region by combining return management, recycling and re-commerce through technology, it said in a statement on Wednesday.
“The investment will help take Cartlow to the next level,” Mohammad Sleiman, founder and chief executive at Cartlow, said. “Our aim is to continue to drive innovative technology within the reverse logistics landscape across the region.”
Cartlow’s partner, Al Sulaiman Group (ASG), a Saudi Arabia-based investor with interests in sectors including omni-channel retail, logistics and e-commerce, led the financing round.
The fresh capital will allow the company to further boost its efforts to decarbonise the economy, the statement said.
“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,” Saud Al Sulaiman, chief executive of ASG, said.
Cartlow, which began as a re-commerce platform, has grown to become a technology company that offers software-as-a-service (SaaS) solutions to major companies in the reverse logistics ecosystem.
Reverse logistics refers to chains that process anything returning through the supply chain, reusing of products and materials.
The company has handled more than 25 million units and saved more than 10 million tonnes of e-waste since its inception, it said.
The global reverse logistics market is projected to reach $958 billion in 2028, at an aggregate annual growth rate of 5.6 per cent, from $635bn in 2020, according to a report by Allied Market Research. The Middle East reverse logistics market is largely untapped and Cartlow plans to increase its market share through the new funding round.
founder and chief executive, Cartlow
Since launching operations, Cartlow has worked closely with major brands and retailers in the UAE and Saudi Arabia, providing them technology solutions for returns management, warranty management, buy-back and trade-in programmes.
The company said its re-commerce platform for consumers and businesses offers merchandise at cheaper prices on a range of products.
Cartlow was among six venture companies that were granted licences by Saudi Arabia in March. These companies have committed to invest a combined $162m in the Saudi economy, the kingdom announced during the Global Entrepreneurship Congress in Riyadh.
