Source: MAGNiTT
swftbox, a UAE-based delivery platform, has closed a $2 million Seed round led by MENA Technology Fund, joined by Polymath Ventures, AirAngels, and Ithraa Investment Company alongside strategic investors. Launched in June 2020, swftbox is aimed at helping e-commerce retailers enhance customer experience through faster and more seamless deliveries.
The platform says it uses proprietary algorithms for optimising routes and automating operations to boost service levels, increase transparency, and bolster profitability for retailers and courier companies.
“We built swftbox with user experience top of mind. Whether it’s the shopper, retailer, courier company, or driver, experience is what creates the most value for them in both the short and long terms. We carefully designed all touch points from the ground up. We automated redundant processes to reduce human error, built smart algorithms to solve complex sorting and routing problems, and added an intuitive interface to simplify the user experience. We will use the new capital to accelerate tech development to further enhance user experience and automation, boost margins, and grow our customer base in the UAE and Saudi Arabia,” said Mohammad Absi-Halabi, Co-founder and CEO of swftbox.
Omar Hassan, Co-founder at MENA Technology Fund (MTF) shared: "We back companies that are leading the way: swftbox is changing the logistics landscape in the Middle East by offering an AI-based platform localised for businesses that need this service to grow. In a short time, they’ve doubled the number of partners, showing the massive potential for this sector in the region. When MTF looks at early-stage investment opportunities, the quality of the founders is of paramount importance. We strongly believe that the swftbox team has the vision and drive to lead the company into its next big milestone in this region and beyond.”
swftbox will utilise the funding to continue to scale its services across the region, working with e-commerce retailers and courier companies to enhance the delivery experience across the region.
Ali Hashemi, Managing Director at Polymath Ventures added: “swftbox has boldly tackled the challenges in logistics in a novel way to provide a seamless and holistic delivery experience. The team at swftbox has demonstrated consistent execution and growth, capturing market share by solving problems differently in the legacy logistics and delivery space - a space we believe will grow exponentially with the continued shift of consumer behaviour toward online shopping across retail sectors in the region."
