Redbox, smart lockers startup, raised 18.75 million SAR, which accounts to almost $5 million, in a Pre-series A round led by RAF Holdings and Mad’a Investment among other investors.
Redbox was founded in 2019 in Riyadh. The startup aims to solve delivery and logistics issues by re-engineering delivery into a smoother all-around experience to both e-commerce shops and clients in more than 18 cities around Saudi Arabia.
“This investment round will support the achievement of the company’s strategic goals in developing its technology solutions and improving customer experience. We thank our customers for their confidence in and praise of our services, and we thank our partners from merchants and shipping companies for their trust in our network. We also thank our investors for their trust in the company and its vision of the digital transformation of the sector, which everyone began to see clearly results, thanks to God and then the efforts of the company’s team,” Thamer Altuwaiyan, Co-Founder and CEO at Redbox, said.
Redbox added in the statement that it had obtained loans and funds to finance its plans for geographical expansion to cover all regions of Saudi Arabia and reach more than 800 stations by the end of this year.
This comes with the company’s recent expansion to Qatar and Bahrain and its adoption as a strategic partner for Bahraini Post, and its desire and plans to be present in all Arab Gulf markets, starting with the United Arab Emirates, then Kuwait and Oman.
The startup recently launched the Red Box Express service which allows sending shipments between cities and regions. In addition to the “Smart Mailroom” special parcel stations for companies, residential complexes and government agencies, which allows sending and receiving documents and parcels in an easy and secure way.
Read more: Saudi’s RedBox raises $3 million in seed round
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