The United Arab Emirates-based company, Cargoz, specializing in storage solutions and logistics services, has successfully concluded a seed funding round. The amount raised has not been disclosed. The investment was led by Nama Ventures with participation from Raz Holding, Innovest Properties, along with regional family offices and a cadre of angel investors.
Launched in January 2022 by founders Prem Lal Puliyezil and Lijo Antony, Cargoz’s business model is designed to connect small and medium-sized enterprises (SMEs) with entities that have surplus spaces suitable for short-term goods storage. This approach offers an alternative to long-term, expensive contracts, providing flexibility for SMEs.
With the aim of facilitating its regional expansion, Cargoz plans to utilize the new funds to support its growth, starting with Saudi Arabia. The company is gearing up to introduce its services in the Kingdom by the first quarter of 2024.
Commenting on the funding round, Prem Lal Puliyezil, Co-founder and CEO of Cargoz, stated, We believe we have significantly reduced the pain and frustration associated with the difficulty of finding on-demand storage spaces for SMEs. The growth we’ve witnessed in the past few months signals that we’re addressing a decades-old problem. With several systems set to roll out in the coming months, we hope to provide the best experience for SMEs seeking storage solutions in the UAE and, soon, Riyadh.
Mohammad Al Zaabi, Founding Partner and Managing Director at Nama Ventures, expressed his enthusiasm, We led the Pre-Seed round for Cargoz in June 2022 and were impressed by the trajectory and progress made by Prem and Lijo in a short time. This funding round will enable the company to continue supporting its UAE clients and expand its smart storage solutions to Saudi Arabia. We are very excited to see what this team can offer to become the preferred storage partner for companies.
Previously, Nama Ventures had spearheaded a Pre-Seed round for Cargoz in mid-2022 and a Bridge round in May 2023, making this the third consecutive round led by the fund for the company’s benefit.
