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Eye of Dubai
Business & Money | Wednesday 22 November, 2023 3:11 pm |
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Raha closes round of pre-Series A funding at USD 7 million, led by Soor Capital and eWTP Arabia Capital

Raha, Kuwait’s fast-growing logistics tech company, recently announced the successful completion of its pre-Series A funding round. Led by Soor Capital and PIF-backed Private Equity Fund, eWTP Arabia Capital, this latest investment brings up the total raised by the ambitious tech start-up to USD 14 million. Raha’s initial round of seed funding had raised an impressive capital of USD 6.7 million, led by KSA’s Aujan Enterprises and Kuwait’s Nox Management, as well as London-headquartered VC, Cedar Mundi Ventures.

 

Since launching in 2022, Raha has quickly grown to become a multi-sector technology and automation provider offering a wide range of specialized solutions. The company’s first successful project in the Kuwaiti market was ShopRaha; the fully automated e-grocery platform that was the region’s first pure-play service. Setting a new benchmark in the grocery retail sector, ShopRaha features Kuwait’s first fully automated robotics-fulfillment center, as well as the first chilled automated warehouse globally. 

 

Following this successful proof of concept, Raha has utilized its recent funding to broaden its industry presence, particularly in the KSA and UAE markets

 

The company’s innovative approach and philosophy are embodied into its two primary verticals. The first vertical, btr.tech, is an intelligence-driven logistics consultant. btr.tech specializes in systems integration, robotics and automation solutions powered by intelligent software, and has begun making significant inroads in KSA and the UAE. The second vertical, Smooth Logistics, was launched in 2023 and is a third-party logistics 3PL service provider. It is uniquely positioned to assist companies in transitioning to digital platforms seamlessly and sustainably. Smooth logistics  is currently already serving clients in the region.

 

Saleh Al-Tunaib, Co-Founder and CEO of Raha, articulated the company's mission and strategy moving forward, saying: “Raha was envisioned as a company that uses technology and robotics to disrupt traditional models and redefine e-commerce. We’ve integrated advanced technology with our logistics expertise to elevate the e-commerce experience, from first to last mile. Today, our model is demonstrating its scalability and longevity, as we continue to expand our focus beyond our own e-commerce retail ventures to cement our role within the scope of the wider industry. This is proving especially effective in our recent expansions into both Saudi Arabia and the UAE.”

 

Al-Tunaib further emphasized the importance of an integrated approach for e-commerce success. “Investing in digital infrastructure is a crucial component for operational excellence in this day and age. As we expand, our focus remains on ensuring a smooth, efficient transition of both the customer experience and operational capabilities to the online domain.”

 

On his part, Jerry Li, Founder and Managing Partner of eWTP Arabia Capital said: “One of our core goals has always been to accelerate the growth of digital eco-systems in MENA. As the companies we invest in develop their business in Saudi Arabia, they acquire the know-how necessary to replicate their business model throughout the entire MENA region and expand methodically into other markets. Raha's solution can perfectly help aspiring companies make a soft landing, navigating the challenges that face them in their growth and expansion journeys. Based on the management’s rich local experience, we are very optimistic that more Chinese companies will contribute to the development of the MENA markets through solution partners like Raha.”

 

Additionally, Mohammed Razzouqi - Partner at Soor Capital, noted that: “With Raha’s tangible success and a new round of investment, they will be well positioned to play a larger role in shaping the region’s automation and robotics industries as both a consultant and service provider.” 

 

A true homegrown success story, Raha has made a name for itself in the region as a start-up to watch. Starting off with a small core team of four people, Raha now houses a dynamic team of more than 166 people across its various verticals, ShopRaha, btr.tech and Smooth Logistics.

 

ShopRaha, as the company’s first full-fledged business, has recorded massive business growth since its launch in April 2022. Establishing itself as a top market player in Kuwait’s competitive and expansive grocery e-commerce market, it has recorded  3x growth in its top-line since inception. ShopRaha was also named as one of Kuwait’s top start-ups at Forbes’ Top Entrepreneurs 2023 Forum. Serving Kuwait border-to-border, the platform offers an elevated, seamless experience thanks to its systemic and precisely controlled full cycle of logistics - from procurement to last-mile delivery. The first of Raha’s concepts to be launched, it now serves as the archetype for the company’s ambitious growth strategy.

 

 

 

 

 

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