Saudi Logistics Platform OTO Raises $8 Million in Series A Funding
The funding round was led by Sanabil Investments, which is wholly owned by the Saudi Public Investment Fund.
Saudi Arabia-based logistics startup OTO has raised $8 million in a Series A funding round led by Sanabil Investments, a financial investment company wholly owned by the Saudi Public Investment Fund. Funding also came from Sadu Capital, Iliad Partners, Propeller, and Soma Capital. This latest funding round will be used to strengthen and expand OTO’s existing presence in Saudi Arabia, Türkiye, and the UAE.
Founded in 2019 by Mohammad Al Razaz and Furkan Uzar, OTO leverages logistics tech to simplify shipping, management, tracking, returns and data analysis through a unified online platform. The new injection of capital from investors will also allow the company to introduce new features and enhancements to its platform, targeting SMEs and online enterprise merchants.
Since its inception, OTO has grown to support over 10,000 local and international brands, doubling its revenue year-on-year. “Securing this funding round is a testament to our team's dedication and our commitment to transforming the shipping and logistics sector in line with Saudi Vision 2030,” Mohammad Al Razaz, Co-Founder and CEO of OTO, tells StartupScene.
As a whole, the Gulf Cooperation Council e-commerce market is set for significant growth, projected to reach a value of $50 billion by 2025. Such rapid growth has been driven primarily by Saudi Arabia and the UAE, with an average annual growth rate of 17.8%; at that rate, the market’s value will top $150 billion by 2030.
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Nov 04,2024
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