Boxit receives investment of $600,000 to tackle UAE
Kuwait’s easy storage solution Boxit has received a seed investment of $600,000 in a bid to tackle UAE and Saudi Arabian markets.
Dubai-based Wamda Capital led the funding with a $200,000 investment, along with Kuwait-based Arzan VC, Dubai-based investor Equitrust, Sheikh Hamad Jaber Al Ahamad Al Jaber Al Sabah and Saad Mouasher, vice chairman at Jordan Ahli Bank.
Wamda Capital partner, Fares Ghandour, commented: “We chose to invest in Boxit because it tackles a problem that is increasingly becoming evident among a youth population that is becoming increasingly urbanized and are moving away from houses into apartments.”
The startup launched in 2015, allowing users to order a Boxit blue storage box through a mobile app, or the website, schedule a pick up time, and then have them reshipped to a safe storage facility,
Boxit cofounder Premlal Pullisserry said the company is now growing 25 to 30 percent month-on-month.
Boxit will spend the investment on hiring more people, marketing, and launching new boxes that can store larger items. “So far, we haven’t engaged in marketing activities and most of the business we received has come from word of mouth.”
Starting out of coworking space Sirdab Lab in Kuwait, the startup rapidly grew and are now incubated at In5, a coworking space in Dubai.