OTO, the Saudi-based shipping gateway and logistics platform, has successfully raised 30 million riyals ($8 million) in a Series A funding round. The round was led by Sanabil Investments, a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF).
Joining Sanabil Investments in the funding round were several other prominent investors, including Riyadh-based venture capital firm Sadu Capital, UAE-based tech investor Iliad Partners, Jordanian equity firm Propeller, and US-based Soma Capital.
OTO provides a comprehensive suite of technological solutions designed to manage, ship, track, and analyze shipping and storage activities. The newly acquired funds will be used to expand and strengthen OTO’s presence in Saudi Arabia, the UAE, and Türkiye. Additionally, the company plans to introduce new features and enhancements on its platform, specifically targeting SMBs and enterprise online merchants.
This funding round follows OTO’s earlier success in October 2021, when it raised SAR 12.3 million ($3.3 million) in seed funding. That round included investments from MEVP, Derayah Ventures, and 500 Global.
Sanabil Investments, a significant player in this latest round, is known for its substantial capital deployment, with over $3 billion invested annually into global private investments. Owned by Saudi Arabia’s PIF, Sanabil Investments is part of an entity with total estimated assets of $925 billion.
The new capital will enable OTO to further its mission of providing innovative logistics solutions across the region, enhancing the efficiency and capabilities of SMBs and enterprise merchants in the evolving digital marketplace.
