PHOTO
OTO, the Saudi-based shipping gateway and logistics platform, has raised 30 million riyals ($8 million) in a Series A funding round, led by Sanabil Investments, a wholly owned company of the sovereign Public Investment Fund (PIF).
Other companies participating in the funding round include the Riyadh-based venture capital firm Sadu Capital, the UAE-based tech investor Iliad Partners, Jordanian equity firm Propeller and the US-based Soma Capital.
OTO offers a suite of technological solutions to manage, ship, track, and analyse their shipping and storage activities.
The company said the Series A funds will be deployed for expanding and strengthening its presence in Saudi Arabia, UAE, and Türkiye. It will also introduce new features and enhancements on its platform targeting SMBs and Enterprise online merchants.
In October 2021, OTO raised SAR 12.3 million ($3.3 million) in seed funding from VC funds and angel investors including MEVP, Derayah Ventures and 500 Global.
With more than $3 billion in capital per annum invested into global private investments, Sanabil is owned by Saudi’s PIF, which has total estimated assets of $925 billion.
(Writing by Bindu Rai, editing by Brinda Darasha)