Cargoz raises undisclosed Seed round, led by Nama Ventures and other major Saudi investors

Nama Ventures Venture Capital Funding Bridge Round

January 2nd, Dubai, UAE. Cargoz is a logistics startup that connects SMEs looking for warehousing space with warehousing companies who have extra capacity, its similar to AirBnb but for commercial storage & warehousing, has secured Seed funding lead by  Nama Ventures with participation of RAZ Holding, Innovest Properties, and key Saudi Family Offices & Angels in the logistics space.

Cargoz was founded in January, 2022 by Premlal Pullisserry (CEO) and Lijo Antony (CTO). Premlal has more than 20 years of combined warehousing and logistics experience in the GCC. 

After Covid, the SMEs who had to suffer the most, no longer want to get into any yearly leasing of warehouses or have any expensive storage contracts. They are looking for storage space on short term with monthly or weekly billing, and pay for only the space they use. On the other hand, there are warehousing owners and operators, who have plenty of extra capacity which otherwise is unused.

Cargoz platform will connect these two parties and assist SMEs avail on-demand storage in a very simple to use platform.

Since Cargoz’s pre-seed round in mid-2022, they have grown 1,700% MoM revenue and seen 2,200% Monthly Active Customers. They’ve served 100s of customers and significant space under active storage across all emirates across the UAE.

Cargoz is looking to strengthen its regional expansion, starting with Saudi and will be using its Seed funding primarily to launch its operation in KSA Q1 of 2024.

“I think we underestimated the pain & frustration of finding on-demand storage for SMEs and how broken and stressful that experience was. The kind of growth we have seen in the last several months gives us an indication that we are solving a huge problem that has existed for several decades now. With many software products rolling out in the coming months, we hope to provide the best experience for SMEs that are looking for storage in both UAE and shortly in Riyadh too.” Says Premlal, Co-founder & CEO.

“We first led the Cargoz pre-seed round back in June 2022, and we’ve been very impressed with the progress and traction that Premlal and Lijo have achieved in this short time.” said Mohammed Alzubi, founder and managing partner of Nama Ventures, “They’ve been able to demonstrate the significant need that SMEs have for flexible storage. This current round will allow Cargoz to continue supporting its clients in the UAE and also expand to KSA with its innovative smart technology offerings in the warehouse and storage space. We’re truly excited to see what this team has to offer regional SMEs and become their preferred storage partner”

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Mohammed Alzubi

About Me

Mohammed is the Managing Partner of Nama Ventures, a seed stage fund focused on fueling MENA tech innovation, particularly in KSA. Mohammed can be reached on twitter @mzu3bi

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