The logistics platform OTO, based in Saudi Arabia, has secured $8 million in a Series A fundraising round led by Sanabil Investments. Sadu Capital, Iliad Partners, Propeller, and Soma Capital have all participated in the funding round.
OTO is a logistics technology firm that was founded in 2019 by Furkan Uzar and Muhammad AlRazaz. Its speciality is streamlining order delivery, management, tracking, refunds, and analysis using an integrated platform.
The money will be used by company to increase and fortify its position in Turkey, the United Arab Emirates, and Saudi Arabia. It will upgrade and add new features to its platform.
Sanabil Investments, a wholly-owned company of the Public Investment Fund (PIF), led a Series A funding round for OTO, the leading shipping gateway and logistics platform in the Middle East and North Africa, with participation from Sadu Capital, Iliad Partners, Propeller, and Soma Capital. MEVP, Derayah Ventures, and 500 Global have previously invested SAR 12.3 million ($3.3m) in OTO.
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Company will use the capital to grow in Saudi Arabia, UAE, and Turkey. It will add features and updates to its platform for SMB and Enterprise online merchants to improve delivery speeds and efficiency.
Mohammad AlRazaz, Co-Founder and CEO, OTO, said: “Securing this funding round is a testament to our team’s dedication and our commitment to transforming the shipping and logistics sector in line with Saudi Vision 2030. We are focused on delivering innovative solutions that enable merchants to streamline their operations and manage logistics with unmatched efficiency.”
OTO’s powerful technology helps merchants manage, ship, track, and analyse their shipping and storage processes. OTO synchronises and automates the entire shipping process by directly connecting businesses with over 250 local and international shipping companies and e-commerce platforms.
Automation, efficiency, and a single logistics platform are achieved with this connection. Merchants can buy shipping labels from OTO or connect their own shipping contracts at affordable rates.
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OTO now serves over 10,000 local and international brands. Over the past year, the company increased sales and processed more orders.
Furkan Uzar, CTO and Co-founder of OTO, stated, “This funding propels us toward our vision of becoming the shipping gateway of the internet. By bridging the tech gap between sales channels and shipping providers, we can accelerate our growth and offer customers streamlined, automated shipping solutions.”
By 2025, the GCC ecommerce market is expected to reach $50 billion. This extraordinary increase, driven by Saudi Arabia and the UAE, averages 17.8% annually. Meanwhile, the Turkish ecommerce market is predicted to rise 11.58% year from 2024 to 2029. Expect $49.5 billion in market size by 2029. These dynamic marketplaces are expected to approach $150 billion by 2030, demonstrating the region’s growing digital commerce landscape.
About OTO
OTO is the top supplier of e-commerce delivery management systems to e-commerce firms and enterprise merchants in Turkey and the Middle East and North Africa.
