OTO closes $ 3 million investment round in Saudi Arabia
- Collected by the company Auto Software – Saudi Arabia-based startups in a service sector – $ 3 million initial finance round MEVP And Derayah Capital.
- Founded in 2019 by Mohammad Razas and Fergan Ozar, it helps Auto E-commerce brands can send, manage, monitor and withdraw their orders online with more than 100 shipping companies on a single dashboard.
- Auto, Now operating in Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, Bahrain and Egypt, says it is up 300% year-on-year compared to 2020 with customers including Zain, Saco, Arabian Out, Zohur Al Reef, The Body Shop, Cardial and Other companies.
Announced by the Logistics Technology InstituteAutoHeadquartered in Saudi Arabia, it announced the closure of a $ 3 million investment round with the contribution of the Venture Investment Fund. MEVP Teraya Fund (Teraya Ventures) is the largest investor in software and service services (Sauce) To seed level in the Middle East. Progress “AutoIntegrated shipping platform for e-shops and retailers looking to implement a compatible channel strategy (Omni Channel) Help them to send online store orders with more than 100 shipping and delivery companies, including shipping and managing revenue through a single portal.
Founded by Founder Mohammad Razas (CEO) and Furqan Azhar (CEO)AutoIn 2019, e-stores will develop global logistics technology to address the challenges of sending their products to customers from anywhere and anywhere in the e-commerce world.
“The e-commerce sector is experiencing rapid growth, especially in the Gulf countries. The size of the e-commerce market is expected to reach $ 50 billion by 2025. Switching to e-commerce is not as easy as many electronics stores. On the other hand, 57% of Gulf countries are online. Shoppers expect their products to arrive within two hours – 24 hours from the time of ordering. Auto To solve this problem, “said Mohammed al-Razas.
Witness “Auto“The best growth in the number of orders processed through this site is estimated at 300% from the beginning of the current year and the founders expect the growth rate to reach 500% by today, 2020 and by the end of 2021. More than 400 local and international brands place their online store orders. Used to send, the most important of which are Zain, Saco, Arabian Oud, Zohoor Al Reef, The Body Shop, Cardial and many more.
“If you can order, prepare, bake, wrap pizza and have it delivered to your doorstep in 45 minutes, why does it take 4-5 days to have your new T-shirt delivered to your doorstep?” Al-Razas asks. “This is what inspired us.”Auto“E-commerce and retail use technology to deliver goods as quickly as possible, providing the best delivery experience by automatically connecting online stores, branches, spare warehouses, local and global shipping and distribution companies, improving operational processes, delivery times and achieving better shipping prices. Improving Platform Filling Centers and Electronic Markets (Markets) Coordinating and shipping with various shipping companies and determining the best price and performance.
In 18 months, she “AutoConnect with more than 100 freight and delivery service providers in the region, including Aramax, Sobal and moreUPS AndDHL In addition to linking to SMSA, Kareem and other, various sales channels and various e-commerce sites, “AutoLargest platform for co-management of freight and delivery services in the Middle East and North Africa. This platform integrates with inventory management systems and ERP Synchronize and monitor inventory volumes of merchants’ branches and warehouses. The site’s smart engine enables the merchant to ship the product from the best packing center through the city, shipment value, payment method, delivery companies performance, shipping rates, stock availability, and other rules and is best executed by the best delivery company. The site also offers the opportunity to use your existing contracts with shipping companies or send through discounted prices offered directly by the site.
Team mode “AutoHeadquartered in Riyadh, he has set his vision to create a product that can scale to local and other global markets. And its proximity to the trade route connecting Asia and Europe. Therefore, we have benefited from the expertise of the team developing advanced technology solutions to address the local and global challenges facing the shipping and e-commerce sector, ”Al-Razas said.
We are happy to join MEVP Teraya Ventures is involved in this investment round, which will bring us closer to achieving our vision of creating a global company specializing in logistics technology from the heart of the region.
Progress “Auto“Its services are in 7 different countries including Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, Bahrain and Egypt. The company plans to increase the number of its staff from various countries. Maintains the rate, allowing the investment company to expand its customer base in the Gulf countries and Egypt, and product development and launching new technology are features that will help merchants save time and money in managing shipping and delivery operations. ”As digital buyers’ expectations increase, more than 20% annually With the growth of e-commerce, many e-retailers have not been able to fulfill their orders efficiently to meet those expectations.Thanks to the happy customers, we found it Auto It acts as a leading e-commerce operator to automate order processing and shipping to reduce delivery time and costs. We are happy to join Muhammad, Furqan and Abadal Auto When they create a platform Sauce Fast growing and meets the needs of the local market. We are pleased to collaborate with Derayah Venture Auto In long-term strategic investment in its products and technologies. MEVP.
Faris Al-Rashed, President, Teraya Ventures, said: “With each innovation comes new forms of struggle, as innovations elevate the quality of life to new heights. Auto Solve this problem by helping retailers and e-stores provide this new level of customer service. This is why Derayah ventures are eager to support Auto Awesome team behind it. “
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