Funding enables its Saudi Arabia expansion
Cartlow, the leading provider of reverse logistics platform in UAE and KSA, has raised US$ 18mn in Series A round.
This investment will boost Cartlow with the ability to further expand its operations and services in Saudi Arabia and the UAE, optimize technology and contribute to decarbonization in the economy.
The round was led by Cartlow’s strategic partner, AlSulaiman Group, a Saudi Arabia based group with investments in various sectors including omni-channel retail, logistics, and e-commerce.
Cartlow began as a Re-Commerce platform which then grew to become the leading cloud base technology platform in UAE and KSA, offering SaaS (Software as a Service) services to major players within the reverse logistics ecosystem. Since Cartlow’s inception, they have handled more than +25 million units and saved more than 10mn tons of e-waste.
Global reverse logistics market
The global reverse logistics market was valued at US$ 635bn in 2020 and is projected to reach US$ 958bn in 2028, with a cumulative annual growth rate of 5.6%. The MENA multibillion reverse logistics market was untapped and Cartlow is now planning to take it by storm with this investment.
The investment will enable Cartlow to further mature its ecosystem in the region by combining return management, recycling, and re-commerce through its advanced technology.
“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,” asserted Saud AlSulaiman, CEO, AlSulaiman Group.
“The investment will help take Cartlow to the next level. Our aim is to continue to drive innovative technology within the reverse logistics landscape across the region,” stated Mohammad Sleiman, Founder and CEO, Cartlow.
Cartlow, the leading reverse logistics platform in the region. is ISO certified and holds the R2 certification, demonstrating its commitment to environmentally responsible recycling practices.
The AlSulaiman Group is owned by the AlSulaiman family and was established by Dr. Ghassan Ahmed AlSulaiman in 1983 in Jeddah, Saudi Arabia.