Dubai-based Mile raises seed funding for its delivery and logistics management platform
Mile has raised seed funding in a round led by Saudi VC Riyad TAQNIA Fund, as it looks to expand its delivery and logistics management platform in the UAE and wider GCC.
The Saudi VC Riyad TAQNIA Fund is a Riyadh-based VC that was founded by Riyad Capital and TAQNIA. The size of the investment was not disclosed.
Mile was founded in 2016 by Shawar Javed and Fawad Ahmed and offers a suite of delivery and logistics management products to small and medium-sized businesses in UAE.
“Our new financial partners will support us to develop our unique technology even further and faster than before, continue to build out strategic partnerships with business leaders and allow us to expand our services in the UAE, the Kingdom and GCC-wide in a timely manner,” said Jayed.
Adel Al Ateeq, Deputy CEO with Riyad Capital, said, “The investment in Mile is a natural extension of RTF’s efforts to scale regional startups addressing “pain points” in road logistics and in particular the friction accompanying the last mile delivery.”
“We believe that Mile could become a leading logistics solution company in the GCC region and we intend to support the business as it grows in the UAE and Saudi Arabia, as well as in other, new markets regionally,” he added.
The suite includes a web-based platform and mobile apps that allow their clients to track and manage their fleet, manage their orders, create digital journey plans, optimize the routes, collect payments and more.
The suite also comes with an IOT device that apart from allowing clients to track the real-time location of orders also confirms when they have been dropped off and enables drivers/couriers to collect the payments, the startup notes on its website without sharing further details about how the process works.
Mile’s suite also comes with warehouse management solutions that allow their customers to keep their stock managed and sorted, in real time.