PIESHIP, Specializing in Logistics Solutions, Closes Pre-Seed Investment Round

PIESHIP, Specializing in Logistics Solutions, Closes Pre-Seed Investment Round

By Press Release, 21 February 2024

A Saudi-based company, PIESHIP, has closed an undisclosed pre-seed investment round by SEEDRA Ventures, Nama Ventures, and angel investors. 

Nasser Alharthi, Musaed Al-Amri, and Mohammed Mohsen founded PIESHIP in 2023, which specialises in warehouse management solutions, an application for delivering shipments, and technical solutions for logistics services. PIESHIP participated in the first cohort of the National Technology Development Program's (NTDP) MVPlab initiative and earned a spot among the top 20 projects.

On this occasion, Nasser Alharthi, Founder and CEO, said: "PIESHIP provides innovative solutions in the logistics sector to improve the last-mile delivery companies' experience, aiming to deliver shipments faster with practical communication tools with customers. PIESHIP has also enabled delivery companies to increase the efficiency of delivery representatives by creating an effective competitive environment among employees.

Haitham Alforaih, co-founder and CEO of SEEDRA Ventures, said: "We're experiencing a continuous rise in the e-commerce market; logistical services that cater to this booming industry are of high significance.  We are confident that PIESHIP is well-positioned to provide the best technical solutions to help logistics companies keep pace with the market." 

"I wrote my first investment cheque in 2005, so I believe I've developed a skill in identifying people with true domain expertise within half an hour. With Nasser, I knew he was knowledgeable about logistics within the first 10 minutes," said Mohammed Alzubi, founder and managing partner of Nama Ventures. "As we say at Nama Ventures, we don't invest in apps; we invest in teams with complementary skill sets building well-managed companies. This is the case with Pieship. We saw a great "seller" in Nasser, a great "doer" in Mohammed, and a great "operator" in Musaed. This makes us incredibly excited to join this amazing rocket ship with such a distinguished founding team."

As Ibrahim Niaz, CEO of the National Technology Development Program (NTDP), mentioned, the program's aims are: "We seek to build an ecosystem of technical and digital entrepreneurship in the kingdom, and we aim to provide more than 17,000 jobs in the technical sector, increase the gross domestic product by 10 billion riyals, and create 1,000 emerging Saudi technology companies during the next three years. As of today, we have 300 startups launched last year to embody clear narratives of technical development and growth.

It is noteworthy that the company aims to invest in its business growth, research, and development, develop new products and services for its customers, and contribute to the sector's growth.

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