UAE-headquartered on-demand storage company Boxit, has secured its second funding round led by Kuwait-based Alif Ba Holding, with participation from a group of private investors. The startup has raised a total of $1.6 million over the past year.
Founded in 2016, Boxit looks to disrupt the traditional self-storage model. It enables its users to store their belongings in secured storage facilities and pay for the volume they occupy without having to visit a storage unit themselves.
The company was started in Kuwait and has recently expanded to the UAE. Back in September 2017, Boxit's Kuwaiti strategic investors acquired a significant majority stake in the company to fuel its growth in Kuwait as well as set the stage for its expansion to other GCC countries.
"We were fortunate to engage with the right partners at the right time, the combination of which allowed us to unlock the platform and team’s full potential and embark on a journey of significant growth and eventually market leadership in the region in the years to come,” said Premlal Pullisserry, founder of Boxit.
Despite the current economic instability caused by the Covid-19 pandemic, the company claims to have achieved a compound annual growth rate (CAGR) of over 160 per cent in Q3 of this year as compared to the same period last year.
In 2016, Boxit received a $600,000 seed round led by Wamda. This round also saw participation from Kuwait-based Arzan VC, Dubai-based Equitrust, Sheikh Hamad Jaber Al Ahamad Al Jaber Al Sabah and Saad Mouasher, vice chairman at Jordan Ahli Bank.