UAE Re-Commerce Startup Cartlow Raises Six-Figure USD Investment
Considered one of the fastest growing startups in MENA, Cartlow’s six-figure USD investment will be used to expand services and coverage.
Considered one of the fastest growing startups in the region, UAE’s Cartlow has taken another huge step in its journey with its first round of investment. Though the exact sum of the investment has not been disclosed, the six-figure USD investment has come from Arzan Venture Capital and Vision Ventures, as well as a group of angel investors.
Launched in August 2019, Cartlow is one of the first re-commerce (or reverse commerce) startups in the region and operates in the underserved pre-owned market. In layman’s terms, the startup, which operates a website and app, offers users and businesses the chance to sell and buy refurbished, open-box and certified goods.
In the seven or so months since officially launching, Cartlow’s numbers have been impressive – over half-a-million app downloads and over 100,000 items sold. The startup has been so successful, that founder and CEO, Mohammad Sleiman, was able to expand into Saudi Arabia in February.
“We are aiming to boost our selection and B2B solutions, while scaling our technology and expanding to other countries in the GCC region,” Sleiman commented about the first round of investments, adding that he intends to use it to “grow the business while keeping our promise to offering consumers a ‘smarter way to shop’.”
It’s this concept of offering users a ‘smarter way to shop’ that has been at the heart of Cartlow’s runaway success. The startup is bridging an unstructured market and, from a consumer perspective, the site hosts big brand products at much more affordable prices. But Sleiman is very aware that the re-commerce market can only exist and expand on the basis of consumer trust.
“While other businesses may connect the buyers and sellers, we are raising the bar of the pre-loved items by providing a quality service by offering warranty, return policy, and extra value-added services such as instalment plans, and much more launching soon.”
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Feb 20, 2024