Saudi Tech Startup Nawel Secures US$1 Million in Pre-seed Funding
Nawel, a Saudi logistics technology startup has announced today that it has successfully raised $1 million in a pre-seed funding round. The round was led by NOMD Holding, a prominent investment firm known for its support of innovative startups in the technology sector.
Nawel has rapidly emerged as a frontrunner in optimizing supply chain operations through its innovative approach of repurposing underutilized spaces within warehouses and retail establishments.
The startup's proprietary technology, coupled with its strategic location-based solutions, addresses the increasing demand for efficient and customer-centric logistics services.
Mohammad Balsharaf, Co-Founder and CEO of Nawel said: "This pre-seed funding round marks a significant milestone for Nawel, and we're excited to have NOMD Holding as a strategic partner on our journey.
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"Nawel's unique offering includes the establishment of delivery hubs that serve as sorting centers for bulk parcels, allowing for faster and more cost-effective last-mile delivery."
The startup's micro-fulfillment solutions further empower the "quick commerce" sector by enabling rapid fulfillment of fast-moving and promotional items, unlocking new avenues for growth for ecommerce businesses.
"We're thrilled to lead this pre-seed funding round for Nawel," stated Mohammad Al khushil, Chairman at NOMD Holding.
"Their innovative approach to optimizing logistics aligns perfectly with our investment strategy, and we believe Nawel has the potential to make a significant impact on the future of supply chain management in the region."
With this injection of capital, Nawel aims to accelerate the expansion of its network and enhance its technological infrastructure.
The funds raised will also be utilized to further develop Nawel's unified warehouse management system, enabling businesses to streamline their operations.
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