RIYADH: UAE-based reverse logistics startup, Cartlow, has raised $18 million in a Series A funding round led by Saudi investment firm AlSulaiman Group.
The company is planning to use the fund to further expand its operations in Saudi Arabia and the UAE, while optimizing its technology and sustainability aspects, according to Wamda.
“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,” said Mohammad Sleiman, founder and CEO at Cartlow.
Founded in 2019, Cartlow provides retailers and consumers with a reverse logistics service, including returns management, warranty management, buy-back and trade-ins.
“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 AlSulaiman, CEO at AlSulaiman Group, said in a statement.
The global reverse logistics industry is projected to be worth $958 billion by 2028 and Cartlow is aiming to be a pioneer in the Middle East and North Africa’s multi-billion dollar market, Wamda reported.
