OTO, a Riyadh, Saudi Arabia-based logistics and shipping technology company, has secured SAR 30 million ($8 million) in Series A funding.
Investors
The round was led by Sanabil Investments, with participation from Sadu Capital, Iliad Partners, Propeller, and Soma Capital.
Founded in 2009, Sanabil Investments is an asset management firm based in Riyadh, Saudi Arabia. The firm commits approximately $3 billion in capital per annum to private investments, including venture capital, growth capital, and small buyouts. Sanabil is a subsidiary of the Public Investment Fund (PIF).
OTO Use of Funds
The company will use the funds to expand and strengthen its presence in Saudi Arabia, UAE, and Turkey. Additionally, it will enhance its platform with new features aimed at SMBs and enterprise online merchants.
About OTO
Founded in 2019 by Mohammad AlRazaz and Furkan Uzar, OTO is a logistics technology company specializing in simplifying order shipping, management, tracking, returns, and analysis through a single integrated platform. OTO’s technology connects merchants with over 250 shipping companies and e-commerce platforms, streamlining and automating shipping processes. Merchants can use their shipping contracts or purchase labels at competitive rates offered by OTO.
Funding Details
Company: OTO Global, Inc.
Raised: $8.0M
Round: Series A
Funding Month: July 2024
Lead Investors: Sanabil Investments
Additional Investors: Sadu Capital, Iliad Partners, Propeller, Soma Capital
Company Website: https://tryoto.com/
Software Category: Logistics and Shipping Management
Source: https://www.wamda.com/2024/07/oto-secures-8-million-series-led-sanabil-investments