Cartlow, a leading reverse logistics platform in UAE and KSA, raises USD $18 million in Series A round. This investment will offer Cartlow the ability to further expand its operations and services in Saudi Arabia and the UAE, optimize technology and contribute to the decarbonization of the economy.
This round was powered by Cartlowโs strategic partner, AlSulaiman Group (โASG”), which is a Saudi Arabia-based group with investments in various sectors including omnichannel retail, logistics, and e-commerce.
Industry sources added that the firm began its operations as a re-commerce platform which then grew to become the leading cloud-based technology platform in UAE and KSA, offering Software as a Service (SaaS) services to major players within the reverse logistics ecosystem. Since Cartlowโs inception, they claim to have handled more than +25 million units and saved more than 10 million tons of e-waste.
Industry sources further explained that the global reverse logistics market was valued at $635 billion in 2020 and is anticipated to range to USD$958 billion in 2028, with a cumulative annual growth rate of 5.6%. The MENA multibillion reverse logistics market was untapped and Cartlow is planning to take it by storm with this investment.
Cartlow added that this investment will empower the firm to further mature its ecosystem in the region by offering return management, recycling, and re-commerce through its advanced technology.
Saud AlSulaiman, CEO at AlSulaiman Group, stated, โOur investment in Cartlow further highlights our commitment to the Kingdomโs 2030 Vision sustainability targets through enhancing the circular economy and eliminating waste in value chains.โ
Mohammad Sleiman, Founder, and CEO at Cartlow stated โThe 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.โ
Since its inception, Cartlow claims to have significantly impacted the reverse logistics ecosystem by enabling major retailers and brands with various programs including; returns management, warranty management, buy-back, and trade-ins are driven by its technology. Additionally, Cartlowโs re-commerce platform for consumers and businesses provides unbeatable prices on a range of products assuring the highest quality standards.
