Nawel Revolutionizes Supply Chain with 3.75 Million Riyals Seed Investment

Nawel Revolutionizes Supply Chain with 3.75 Million Riyals Seed Investment

By Staff Writer, 10 January 2024

Saudi-based logistics solutions firm, Nawel, has announced the successful completion of its seed funding round, raising a notable sum of 3.75 million Saudi riyals, equivalent to approximately 1 million US dollars.

The financing initiative was spearheaded by Nomad Holdings, a prominent venture capital entity with a keen interest in backing technology startups.

Additionally, several angel investors participated in this funding round, underscoring the growing confidence in Nawel's innovative approach to supply chain management.

Established in 2022 by entrepreneurs Mohamed Boulcherf and Nawaf Al Shalani, Nawel focuses on revolutionizing supply chain operations for businesses.

One of its key strategies involves repurposing underutilized spaces within warehouses and retail establishments into storage hubs.

This enables companies, particularly those in the burgeoning e-commerce sector, to efficiently store and expedite product shipments, thereby elevating customer satisfaction levels.

Mohamed Boulcherf, CEO of Nawel, commented on this milestone, stating, "This funding marks a significant juncture for Nawel. We eagerly anticipate forging a strategic alliance with Nomad Holdings. Their backing reaffirms our commitment to innovating storage, fulfillment, and operational efficiency, all aimed at enhancing customer experiences."

Echoing this sentiment, Mohammed Al Khushail, Chairman of Nomad Holdings, remarked, "We are proud to lead Nawel’s funding round, as their innovative approach to improving logistic services aligns perfectly with our investment strategy. We believe that Nawel has the capability to make a significant impact on the future of supply chain management in the region."

Nawel's core expertise lies in establishing delivery centers functioning as parcel sorting hubs, thereby facilitating expedited and cost-efficient deliveries.

With a mission to bolster the rapidly expanding e-commerce landscape, Nawel is set on leveraging this recent capital infusion to spur its growth trajectory.

The funds will be channeled towards expanding its operational footprint, fortifying infrastructure, and refining its comprehensive warehouse management system, aiming to optimize business operations and elevate the overall customer journey.

Source: EntArabi

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