UAE-based logistics solutions provider Cargoz has successfully secured Seed funding, led by Nama Ventures with participation from RAZ Holding, Innovest Properties, and various regional family offices and angels.
Founded by Premlal Pullisserry (CEO) and Lijo Antony (CTO) in January 2022, it operates similarly to Airbnb but focuses on commercial storage and warehousing.
Premlal, with over two decades of warehousing and logistics experience in the GCC, identified a post-COVID shift in SME preferences. Businesses were no longer interested in long-term warehouse leases or expensive storage contracts. Instead, they sought flexible, pay-as-you-go storage solutions. Simultaneously, warehousing owners had unused capacity, creating a perfect match for Cargoz’s platform.
Since its pre-seed round in mid-2022, Cargoz has experienced remarkable growth, boasting a 1,700% month-over-month revenue increase and a 2,200% rise in monthly active customers. With a strong presence across all emirates in the UAE and significant active storage space, Cargoz now aims to expand regionally, starting with Saudi Arabia.
The seed funding will primarily fuel Cargoz’s launch in Saudi Arabia in Q1 2024. Premlal, reflecting on the company’s success, acknowledges the substantial problem they are solving for SMEs and expresses optimism about upcoming software products.
Mohammed Alzubi, founder and managing partner of Nama Ventures, praises Cargoz’s progress and the demonstrated need for flexible storage solutions. The current funding round positions Cargoz to continue supporting UAE clients and extend its innovative technology offerings to the Saudi market.
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By Ravi Kumar