Saudi venture capital firms are playing a significant role in the funding of regional startups. Nama Ventures and RAZ Group have led the investment round to support the expansion of Cargoz, a UAE-based logistics startup, in the Kingdom. Cargoz, which has been dubbed the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group, and select angel investors from the UAE and Saudi Arabia who are key players in the logistics industry. The company offers a platform that connects small and medium enterprises with warehouse companies for short-term contracts. Cargoz plans to use the funds to spur growth in the UAE and prepare for a soft launch in Riyadh by Q3 2022. Nama Ventures, known for its 29 investments, expressed great enthusiasm about backing Cargoz. In August 2022, Nama Ventures led Cargoz’s pre-seed funding round with an undisclosed amount used to foster growth in the UAE.
Saturday, October 28, 2023
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