Abu Dhabi tech startup swftbox raises $2M on expansion push

Tech startup swftbox has raised $2 million in a seed round as the UAE-based company aims to expand its services in the region.

The round was led by London-based Mena Technology Fund, with additional investors including Polymath Ventures, AirAngels, Ithraa Investment Company and various strategic investors from the US, UAE, Saudi Arabia and Europe.

Founded in June 2020, Hub71 in Abu Dhabi The company is an AI-powered same-day delivery platform. The platform works with e-commerce retailers and couriers.

Co-founder and CEO Mohammad Absi-Halabi said the company will use the new funds to accelerate technology development to further enhance user experience and automation, improve profit margins and expand its customer base in the UAE and Saudi Arabia.

“We built Swftbox with the user experience first. Whether it’s a shopper, a retailer, a courier or a driver, the experience is what creates the most value for them in the short and long term,” Mr. Absi-Halabi Say.

“We carefully designed all touchpoints from the ground up. We automated redundant processes to reduce human error, built intelligent algorithms to solve complex sorting and routing problems, and added an intuitive interface to simplify the user experience.”

The platform uses proprietary algorithms to optimize routes and automate operations to improve service levels, increase transparency and improve profitability for retailers and couriers.

Its technology bridges the communication gap between retailers, couriers and shoppers to create a seamless shopping journey and improve operational accuracy.

“Swftbox is changing the logistics landscape in the Middle East by providing a localized AI-based platform for businesses that need this service,” said Omar Hassan, co-founder of Mena Technology Fund.

“In a very short period of time, their number of partners has doubled, showing the huge potential of this field in the region… [we] Trust the swftbox team with the vision and drive to lead the company to the next major milestone in the region and beyond. “

The MENA region’s venture capital ecosystem is growing as startups thrive, especially in areas such as technology and digitalization.

venture capital funds Startups in the region According to a report by data platform Magnitt, the company is growing 20% ​​annually to more than $2.3 billion through the first three quarters of 2022 and is on track to surpass the total investment it attracted in 2021.

Egypt, the UAE and Saudi Arabia maintain the top three positions in terms of financing value and number of deals, accounting for more than 75% of total investment in the MENA region.

“The team at swftbox has demonstrated continued execution and growth to capture market share by solving problems differently in the traditional logistics and delivery space – an area we believe will grow as consumer behavior continues to shift towards online shopping. It’s growing exponentially,” said Ali Hashemi, managing director of Polymath Ventures.

Updated: November 8, 2022 12:00