Saudi’s RedBox raises $3 million in seed round

Saudi’s RedBox raises $3 million in seed round

RedBox, a logistics solution provider startup offering smart lockers, raised 11.5m SAR in a seed funding round. The round was led by Vision Ventures along with the participation by RAF Investments and prominent angel investors. RedBox eases last mile delivery to e-commerce shops through its network of over 170 smart lockers around Saudi Arabia.

RedBox was founded in 2019 in Riyadh by Thamer Altuwaiyan and Zun Phan. 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. The startup provides a safe logistical solution which ensures clients’ privacy is protected as no delivery agents need to know where you live or work. Clients are also offered the convenience to pick up their shipments whenever they want instead of having to wait for delivery agents.

“Last mile delivery issues continue to be one of the biggest bottlenecks in coping up with the increasing demand on e-commerce. There is no solution in sight as logistics companies continue to pour more cars and drivers into the mix in an effort to cope up with demand. Our goal is to help e-commerce in opening up this bottleneck once and for all through a totally different approach with our technology and smart lockers,” Thamer Altuwaiyan, Co-Founder and CEO at RedBox, said.

In addition to Redbox’s easy-to-connect to API feature, the company utilises a strong technology infrastructure for their order management and logistics operations.

“We are excited to bring the best technology available to the Saudi and MENA markets through the use of innovative logistical infrastructure that can provide our clients with many services to come. We are now focused on parcel delivery with e-commerce partners, but are soon going to launch other innovative solutions that will be game changers,” Zun Phan, RedBox’s Co-Founder and CTO said.

RedBox plans to reach 300 smart lockers by end of Q2, 2022 and 800 smart lockers by end of 2022 as the demand for online shopping rises in the kingdom.

“We’re excited to support such a game changing logistics solution provider in a market that is growing way above international levels. This growth demands innovative solutions that break the cycle and deliver on its promise, and RedBox does just that.” said Kais Al-Essa, Founding Partner and CEO of Vision Ventures.

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