- UAE-based logistics startup Cargoz has secured an undisclosed bridge funding round from Nama Ventures, RAZ Group and other angel investors from the UAE and Saudi Arabia.
- Founded in 2022 by Premlal Pullisserry and Lijo Antony, Cargoz connects SMEs looking for warehousing space with warehousing companies that have extra capacity.
- The bridge round will help Cargoz continue its growth in the UAE and prepare for its soft launch in Riyadh by early Q3, 2023.
Cargoz is a logistics startup that connects SMEs looking for warehousing space with warehousing companies who has extra capacity, like Airbnb but for commercial warehousing and storage, has secured an undisclosed amount in Bridge Funding from Nama Ventures, RAZ Group (KSA) and a select few angel investors who are key Logistics industry key figures from the UAE and KSA.
After Covid, the SMEs who had to suffer the most, no longer want to get into any yearly leasing of warehouses or have any expensive storage contracts. They are looking for storage space in the short term with monthly or weekly billing, and pay only for the space they use. On the other hand, there are warehousing owners and operators, who have plenty of extra capacity which otherwise is unused.Cargoz platform will connect these two parties and assist SMEs to avail of on-demand storage in a very simple-to-use platform.
Cargoz was founded in January 2022 by Premlal Pullisserry (CEO) and Lijo Antony (CTO). Premlal has more than 10 years of warehousing and logistics experience in the GCC. Lijo, now has more than 14 years of software development experience.
‘Since our pre-Seed funding, we have recorded significant growth in the last 8-9 months it appears like we are solving a huge problem that has existed for several decades now. s. We underestimated the pain of finding on-demand storage for SMEs and how broken and stressful that experience was. This bridge fund will help us continue our growth in the UAE and prepare our soft launch in Riyadh by early Q3, 2023’.
“Nothing makes us more excited at Nama Ventures than to see founders that are as complementary as Premlal and Lijo, I mean Premlal breaths logistics, his depth of the space and his understanding of the pains in the space are unparalleled, Lijo, on the other hand, is a coder’s coder, he is very well versed in tech space and knows how to build tech products” said Mohammed Alzubi, founder and managing partner of Nama Ventures, “From the first ten minutes of our conversation it was clear to us that these guys are onto something special. Honestly what impressed us the most is that this is their second startup together. It takes a special kind of respect and role clarity among founders to want to keep disrupting industries together as a team. We are beyond thrilled to welcome Premlal and Lijo to the Nama clan, and we can’t wait to learn from them about the exciting space they want to dominate.”