Riyadh - Mubasher: RedBox, a Saudi Arabia-based logistics startup, has secured $5 million (SAR 19 million) in a pre-series A investment round, led by RAAF Holding Company and Mad'a Investments.
The round will enable RedBox to develop its solutions, improve the customer experience, and expand into other GCC markets, starting from the UAE, Kuwait, and Oman, according to a recent press release.
Established by Thamer Altuwaiyan in 2019, RedBox offers last-mile services in the logistics sector through its network of Smart Lockers stations.
The Co-Founder and CEO of RedBox, Thamer Altuwaiyan, said: "This investment will support the achievement of the company's strategic goals in developing its solutions and improving the customer experience."
Meanwhile, the President of RAAF Holding Company, Ali Al Othaim, commented: "The company’s decision to invest in this round came from the reality of the importance of the logistics sector as one of the main sectors of the Vision 2030, and the growing logistics market in the Kingdom, which is estimated at $22.95 billion, and its growth rate is steadily increasing annually by 7.35% until 2024."
