The UAE’s reverse logistics start-up, Cartlow raised $18 million (AED66 million) in a Series A funding round led by the Saudi investment firm, AlSulaiman Group.
Driving innovation
“The investment will help take [the company] to the next level,” the start-up’s founder and CEO, Mohammad Sleiman said, adding that the company aims to continue to drive innovative technology within the reverse logistics landscape across the region.
The company founded in 2019 will use the fund to expand its operations in Saudi Arabia and the UAE, as well as enhance its technology and boost its sustainability efforts.
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Sustained growth
On his part, AlSulaiman Group’s CEO, Saud AlSulaiman said the investment further highlights the group’s commitment to the Kingdom’s 2030 Vision sustainability targets through enhancing the circular economy and eliminating waste in value chains.
Cartlow provides a variety of reverse logistics solutions to e-retailers and consumers including returns management, warranty management, buy-back and trade-ins.
Moreover, the company helps resellers, retailers, and distributors across the region access hundreds of products at below wholesale market prices for used, refurbished, and liquidation products.
Source: https://www.logisticsmiddleeast.com/logistics/cartlow-secures-18m-funding