LSP aims will use the proceeds of the funding to accelerate the expansion of its network
Riyadh headquartered Nawel, a Saudi tech startup Logistics Services Provider (LSP), has closed a US$ 1mn pre-seed funding round led by NOMD Holding, a privately owned Saudi Arabian company and part of Future Horizons Group according to a press release.
Nawel aims will use the proceeds of the funding to accelerate the expansion of its network and develop its technological infrastructure. It also plans to widen its warehouse management system, enabling businesses to streamline their operations.
The tech startup has rapidly emerged as a frontrunner in optimizing supply chain operations through its approach to repurposing underutilized spaces within warehouses and retail establishments.
“The support from NOMD Holding validates our mission to redefine how businesses approach storage, fulfillment, and delivery, ultimately enhancing customer experiences across the board,” commented Mohammad Balsharaf, Co-Founder and CEO, Nawel.
Delivery hubs
Nawel’s offerings include the establishment of delivery hubs that serve as sorting centres for bulk parcels, which secures faster and more cost-effective last-mile delivery.
The startup’s micro-fulfillment solutions bolster the quick commerce sector by providing fast-moving and unlocking new avenues for growth for e-commerce businesses.
“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,” remarked Mohammad Al Khushil, Chairman, NOMD Holding.
