Sanabil Investments Leads Funding Round to Boost OTO’s Presence and Enhance Logistics Solutions for SMEs and Online Retailers
OTO, the leading cargo management platform in Turkiye and the MENA region, has successfully raised $8 million in Series A funding. The round was led by Sanabil Investments, with participation from Sadu Capital, Iliad Partners, Propeller, and Soma Capital. This funding will be utilized to expand OTO’s presence in Turkiye, Saudi Arabia, and the United Arab Emirates, aiming to provide faster and more efficient shipping experiences for SMEs and online retail firms.
Founded by Turkish entrepreneur Furkan Uzar, OTO is a Saudi Arabia-based startup with a significant operational footprint in Turkiye. The company boasts a diverse team, with half of its employees being Turkish, underscoring its strong ties to both countries.
Previously, OTO had secured $3.3 million from investors including MEVP, Derayah Ventures, and 500 Global. This new investment will further strengthen its market position in the region.
OTO’s platform offers innovative technological solutions that enable companies to manage their cargo and warehousing activities seamlessly. It provides direct integration with over 250 domestic and international cargo companies and e-commerce platforms, automating and synchronizing every aspect of the shipping process to enhance operational efficiency. Businesses can link their own shipping contracts to OTO accounts or leverage OTO’s competitive rates for purchasing shipping labels directly.
CEO and Co-Founder Mohammad AlRazaz emphasized the transformative impact of the new funding: “This investment is a testament to our team’s dedication to revolutionizing the cargo and logistics industry. We are focused on providing innovative solutions that simplify operations and allow firms to manage their logistics with unparalleled efficiency.”
CTO and Co-Founder Furkan Uzar added: “This funding propels us towards our vision of becoming the internet’s go-to shipping platform. By bridging the technology gap between sales channels and shipping providers, we will accelerate our growth and offer even more streamlined cargo solutions to our customers.”
The GCC e-commerce market is poised for significant growth, projected to reach $50 billion by 2025, with Saudi Arabia and the UAE leading the charge at an average annual growth rate of 17.8%. Similarly, Turkiye’s e-commerce market is expected to grow at an annual rate of 11.58% from 2024 to 2029, reaching an estimated market size of $49.5 billion by 2029. These dynamic markets highlight the region’s burgeoning digital commerce landscape, set to surpass $150 billion by 2030.
Source: Egirisim / Prepared by Irem Yildiz