Cargoz Secures Seed Funding for Regional Expansion
The startup aims to expand into Saudi Arabia in the first quarter (Q1) of 2024.
Cargoz, a UAE-based logistics solutions provider, has raised undisclosed Seed funding, led by Nama Ventures, and saw the participation of notable entities such as RAZ Holding, Innovest Properties, and several regional family offices and angel investors.
Cargoz was founded in January 2022 by Premlal Pullisserry as the CEO and Lijo Antony as the CTO. Premlal boasts over two decades of combined warehousing and logistics expertise in the GCC region.
The company's innovative approach involves connecting small and medium-sized enterprises (SMEs) in need of warehousing space with companies that have surplus capacity.
Since its pre-seed round in mid-2022, Cargoz has witnessed an astonishing growth of 1,700% in month-over-month revenue and a remarkable 2,200% increase in monthly active customers.
Cargoz has actively utilized storage space across all emirates in the UAE.
The startup aims to fortify its regional footprint, starting with a strategic expansion into Saudi Arabia in the first quarter (Q1) of 2024.