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Shipping management platform Oto closed a SAR 30 mn (USD 8 mn) series A round led by PIF-owned Sanabil Investments, it said in a press release (pdf). Sadu Capital, Iliad Partners, Propeller, and Soma Capital also participated in the round. Oto previously raised SAR 12.3 mn (USD 3.3 mn) in a seed funding round back in 2021 from MEVP, Derayah Ventures, and 500 Global, according to the press release.
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What we don’t know: Information about the equity size shareholders are offering to investors and the structure of the investment wasn’t disclosed. It’s also unclear how much each institution invested in the round.
Use of proceeds: The company plans to use the fresh funds “to expand and strengthen its presence in Saudi Arabia, the UAE, and Turkey.” Meanwhile, some of the proceeds will also be used to acquire more customers, and expand the team. “It will introduce new features and enhancements on its platform targeting SMEs, enabling it to further deliver faster, and more efficient shipping experiences to their customers.”
A snapshot of KPIs: “Oto has grown its client base and currently supports more than 10k local and international brands on their platform. On a year-on-year basis, the company has doubled its revenue and achieved significant growth in orders processed.”
About OTO: Founded in 2019, the startup provides “holistic shipping management solutions” to retailers through access to its innovative shipping gateway platform. Oto’s platform links users with over 250 regional and international courier and delivery services, offering them multi-channel retail, inventory, and point of sale options. The platform’s dashboard also permits integration with e-commerce platforms and ERP systems, in addition to the ability to sync orders, assign shipments, print labels, scan barcodes, manage operations and receive analytic reports.
IN OTHER STARTUP NEWS-
Egypt-born e-commerce marketplace for furniture and home supplies Kemitt has expanded into Saudi following an undisclosed funding round, according to a statement (pdf). “The recent funding will enable us to scale our operations, enhance our technology, and offer our unique shopping experience to Saudi consumers,” Kemitt Co-Found and CEO Mahmoud Fouad said. Kemmit has already launched a website in Saudi with over 25k SKUs.
