MEVP signs seed cheque for Saudi startup OTO; Siwar, AlgoDriven net Series A

 MEVP signs seed cheque for Saudi startup OTO; Siwar, AlgoDriven net Series A

Saudi Arabian logistics-tech company OTO has closed a SAR11.25 million ($3 million) seed round led by Middle East Venture Partners (MEVP) and the Derayah Ventures Fund.

The Riyadh-based company said it plans to use the funds to evolve its tech stack and platform offering, grow its workforce to 50 team members in 12 months, and expand its presence across the Gulf region and Egypt.

This is one of the biggest seed rounds in the software-as-a-service (SaaS) sector in the Middle East.

OTO was launched in 2019 by chief executive officer Mohammed Razzaz and chief technology officer Farkan Azar. It is an integrated logistics platform for online stores and retailers who want an omnichannel facility that allows them to ship orders, track those shipments and manage returns via a single portal.

OTO counts more than 100 shippers including Aramex, UPS, DHL, SMSA, Careem and Sobel as a part of its network. It also counts more than 400 companies such as Zain and The Body Shop that ship their orders via its network.

Siwar

Saudi Arabian food-tech startup Siwar has raised SAR28 million ($7.45 million) in a Series A round led by travel and tourism operator Seera Group, with participation from other investors.

Launched in 2020, the startup aims to meet an increasing demand of a new range of customers within the food and beverage market, with a special focus on ‘ready to eat’ food.

Siwar said the partnership will help it access Seera Group’s consumer analytics platform and distribution network. Seera will benefit from the startup’s tech stack and product development capabilities.

The startup said it plans to use the money to support its market growth and develop its platform and food offerings.

“With the successful fundraise, we will be able to fund our high-growth business plan. With Seera Group as a strategic partner, Siwar will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans,” said Loaye Al Nahedh, chief executive officer of Siwar.

AlgoDriven

The UAE-based automotive data platform AlgoDriven has raised $2 million in a Series A round led by Global Ventures.

Dubai-based Global Ventures was joined by Automotive Ventures, an Atlanta-based venture capital firm making its first international investment.

Spartech Ventures, otf Wadi, Driven Capital Partners, and DTEC Ventures also pitched in.

Founded in 2017, AlgoDriven supports car dealers, classifieds, banks, and insurance companies to identify, and price used cars. The company’s core product, EvalExpert, streamlines the pre-purchase assessment and evaluation of cars, ultimately allowing dealers to benefit from more competitive trade-in deals.

The company says its product is used in over 600 car showrooms in Australia, New Zealand, East Asia, the GCC, Iraq, Jordan, Morocco, and Sweden.

Ankit Doshi

The Capital Quest