OTO Raises $8 Million from Series A Funding
OTO will use the funds to expand its operations in Saudi Arabia, the UAE, and Turkey.
Saudi Arabia-based OTO, a shipping gateway and logistics platform in the Middle East and North Africa, has raised SAR 30 million ($8 million) in a series A funding round. The round was led by Sanabil Investments, a subsidiary of the Saudi Arabian Public Investment Fund (PIF), with participation from Sadu Capital, Iliad Partners, Propeller, and Soma Capital.[1]
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Founded in 2019 by Mohammad AlRazaz and Furkan Uzar, OTO will use the funds to expand its operations in Saudi Arabia, the UAE, and Turkey. The company plans to add new features and improvements to its platform, targeting small and medium-sized businesses (SMBs) and enterprise online merchants to provide quicker and more efficient shipping services.
OTO's platform offers solutions for merchants to manage, ship, track, and analyze their shipping and storage activities. It connects merchants with over 250 local and international shipping companies and e-commerce platforms, automating various aspects of the shipping process.
Merchants can use their own shipping contracts with OTO or buy shipping labels directly through OTO's pre-negotiated rates. OTO currently supports more than 10,000 local and international brands on its platform.
In 2021, OTO raised $3.3 million from venture capital funds and angel investors, including MEVP, Derayah Ventures, and 500 Global.
