Cartlow Secures $18 Million Funding from Saudi’s AlSulaiman Group
Cartlow, the leading provider of reverse logistics platforms in UAE and KSA, has raised $18 million in the Series A round.
This investment will boost Cartlow with the ability to further expand its operations and services in Saudi Arabia and the UAE, optimise technology and contribute to the decarbonisation of the economy, a Wamda report stated.
The round was led by Cartlow’s strategic partner, AlSulaiman Group (“ASG"), which is a Saudi Arabia-based group with investments in various sectors including omnichannel retail, logistics, and e-commerce.
Cartlow began as a Re-Commerce platform which then grew to become the leading cloud base technology platform in UAE and KSA, offering SaaS (Software as a Service) services to major players within the reverse logistics ecosystem.
Since Cartlow’s inception, they have handled more than +25 million units and saved more than 10 million tonnes 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%. The MENA multibillion reverse logistics market was untapped and Cartlow is planning to take it by storm with this investment.
According to Wamda, the investment will enable Cartlow to further mature its ecosystem in the region by combining return management, recycling, and re-commerce through its advanced technology.
Saud AlSulaiman, CEO at AlSulaiman Group, comments, “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.”
Mohammad Sleiman, Founder and CEO at Cartlow, stated “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 programs including; returns management, warranty management, buy-back and trade-ins, driven by its technology.
In addition, Cartlow’s re-commerce platform for consumers and businesses provides unbeatable prices on a range of products assuring the highest quality standards.
Cartlow is ISO certified and holds the R2 certification, demonstrating its commitment to environmentally responsible recycling practices.