Wednesday July 17th, 2024
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Bahraini Logistics Platform Parcel Raises $1M During 'Beban' TV Show

The investment raised will contribute towards the startup’s regional expansion plans to KSA and Kuwait.

John Bichara

Parcel, a Bahrain-based logistics solution that connects businesses with freelance drivers for on-demand delivery services, has raised $1 million in a co-investment round led by Hope Ventures, the investment arm of Hope Fund. The funding was announced during the eighth episode of the second season of Beban, a Bahraini TV programme produced by Hope Ventures.

The investment round saw participation from Jahez, a Saudi unicorn, and Abdulla Almutawa, the ex-founder of Carriage and current CEO and founder of Cari, who will bring their wealth of expertise and knowledge in the LogiTech sector to accelerate Parcel’s expansion into new markets. The investment raised will contribute towards the startup’s regional expansion plans to KSA and Kuwait, and further develop its user-centric solution that enables merchants to take their business online and reach customers anywhere.

Beban aims to matchmake promising entrepreneurs with strategic investors to accelerate their growth and expansion into international markets. The TV show is filmed in Al Areen Palace and Spa by Accor, using 100% renewable energy through Hope Ventures’ partnership with The Oil and Gas Holding Company B.S.C and the Electricity and Water Authority. With each episode airing every Wednesday of the month, the show provides a platform for regional investors to co-invest with the private sector in promising businesses, facilitating a borderless and seamless flow of regional co-investment opportunities.

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