Equiptal Closes a Pre-Seed Funding Round from Plug and Play Middle East
Saudi Arabian logistics startup, Equiptal, has successfully secured $1 million in pre-Seed funding from Plug and Play Middle East along with a consortium of angel investors.
Co-founded by Ali Merie and Mansour Hmaid, Equiptal operates a marketplace specializing in heavy equipment, facilitating direct connections between contractors and suppliers.
The newly acquired funds will be channeled towards expanding the startup's team and bolstering its presence within the Saudi Arabian market.
Additionally, the startup has integrated a fleet management solution powered by telematics technology. This solution aids contractors in optimizing equipment usage on-site.
It enables contractors to efficiently manage multiple pieces of equipment at a specific location, control unnecessary expenses, and reduce downtime while also keeping a check on CO2 emissions.
According to Merie, the most pressing obstacle facing the startup at present is the limited time available for contractors to test and adopt new technologies.
Since its establishment last year, the startup has onboarded 700 suppliers and serves approximately 100 contractors.
From the supplier's perspective, the SaaS solution also enables them to oversee and keep tabs on the equipment's performance in real-time, stepping in when the equipment is not in use.
This startup's offering assists suppliers in accelerating the rental of their equipment, thereby expanding their market share and establishing a solid reputation.
"In the past, an on-site supervisor was necessary to supervise equipment operations and track working hours at construction sites. However, with our solution, contractors can easily monitor this data remotely using their laptops, whether they are at the office or anywhere else," explained Merie.
The startup currently operates in various development projects across Saudi Arabia, particularly those along the Red Sea coast, including Neom City, with additional projects in their pipeline.
Equiptal is targeting a market worth $3 trillion, which represents the value of projects scheduled for execution over the next three to five years.
Source: Dunya Hassanein for Wamda