UAE-based leading reverse logistics platform Cartlow has raised $18 million in a Series A funding round in order to further expand its operations and services in the Emirates and Saudi Arabia.
The round was led by Cartlow’s strategic partner AlSulaiman Group (ASG), a Saudi Arabia-based group with investments in various sectors including omnichannel retail, logistics, and eCommerce.
According to the company, “The investment will enable Cartlow to further mature its ecosystem in the region by combining return management, recycling, and reCommerce through its advanced technology.”
The global reverse logistics market was valued at $635 billion in 2020 and is projected to reach $958 billion in 2028, with a cumulative annual growth rate of 5.6 percent.
“The MENA’s multibillion reverse logistics market was untapped and Cartlow is planning to take it by storm with this investment,” the company said.
Mr. Saud AlSulaiman, CEO at AlSulaiman Group stated that, “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.”
Cartlow began as a reCommerce platform which then grew to become the leading cloud-based technology platform in UAE and Saudi Arabia, offering Software as a Service (SaaS) services to major players within the reverse logistics ecosystem.
Furthermore, Cartlow is ISO certified and holds the R2 certification, demonstrating its commitment to environmentally responsible recycling practices.
“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,” noted Mr. Mohammad Sleiman, Founder and CEO of Cartlow.