Cartlow, the leading reverse logistics platform in the UAE and Saudi Arabia, has raised $18 million (AED66 million) in Series A round.
The capital will provide Cartlow with the ability to further expand its operations and services in Saudi Arabia and the UAE, optimising technology and contributing to decarbonisation in the economy.
The round was led by Cartlow’s strategic partner, AlSulaiman Group, a Saudi Arabia based group with investments in various sectors including omni-channel retail, logistics and e-commerce.
Cartlow began as a re-commerce platform and has grown to become a leading cloud-based technology platform in the UAE and Saudi Arabia, offering Software as a Service (SaaS) to major players within the reverse logistics eco-system.
Since Cartlow’s inception, it has handled more than 25 million units and saved more than 10 million tons of e-waste.
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 investment will enable Cartlow to further mature its eco-system in the region by combining return management, recycling and re-commerce through its advanced technology.
CEO at AlSulaiman Group, Saud AlSulaiman, said: “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.”
The founder and CEO at Cartlow, Mohammad Sleiman, added: “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.”
Since its launch, Cartlow has significantly impacted the reverse logistics ecosystem by enabling major retailers and brands with various programmes including returns management, warranty management, buy-back and trade-ins driven by its technology.
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