OTO, the leading freight management platform in Turkey and the MENA region, has received an investment of $8 million in a Series A funding round led by Sanabil Investments. Sadu Capital, Iliad Partners, Propeller and Soma Capital also participated in the investment round. OTO previously received $3.3 million in investment from venture capital funds and angel investors such as MEVP, Derayah Ventures and 500 Global.
OTO plans to use this new funding to expand and strengthen its presence in Turkey, Saudi Arabia and the United Arab Emirates. The platform aims to provide its customers with a faster and more efficient shipping experience with new features and improvements for SMEs and online retailers.
OTO offers a range of technology solutions that enable companies to seamlessly manage, ship, track and analyze their freight and storage activities. The platform provides direct integration with more than 250 domestic and international freight companies and e-commerce platforms. Thus, every aspect of the cargo process is synchronized and automated, thus simplifying operations and increasing efficiency. Companies can lock their shipping contracts into OTO accounts or purchase shipping labels directly using OTO's competitive negotiated pricing.
Mohammad AlRazaz, Co-Founder and CEO of OTO: "This funding is a testament to our promise to transform the freight and logistics industry through the dedication of our team. We are focused on providing innovative solutions that enable companies to simplify their operations and manage their logistics operations with unparalleled efficiency." ."
Sanabil Investments Spokesperson: "OTO has significantly shed light on the freight industry over the past few years and increased the need for intelligent shipping solutions. OTO has created a platform with fully integrated functions to help companies of all sizes fulfill their logistics requirements. We are pleased to support their growth plans in the region ."
OTO has grown its customer base significantly and currently supports more than 10,000 domestic and international brands on its platform. The company doubled its revenue compared to the previous year and recorded a significant increase in fulfilled orders.
Furkan Uzar, Co-Founder and CTO of OTO: "This funding moves us towards our vision of becoming the Internet's freight platform. With the new funding, we will accelerate our growth by bridging the technology gap between sales channels and freight providers, offering our customers even more simplified freight solutions." ".
The Gulf Cooperation Council (GCC) e-commerce market aims to reach $50 billion by 2025, with growth at an average annual growth rate of 17.8%, particularly in Saudi Arabia and the UAE. Likewise, Turkey's e-commerce market is expected to grow strongly at a CAGR of 11.58% from 2024 to 2029. By 2029, the market size is estimated to reach 49.5 billion dollars. These dynamic markets are on track to surpass $150 billion by 2030, highlighting the region's growing digital commerce landscape.
