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Dubai-based logistics startup Shorages has secured USD 1 mn in a pre-series A funding round following the company’s expansion to Saudi Arabia in November, according to a press release. The seed round was led by Riyadh-based investment manager Joa Capital through their S3 Ventures Fund.
The seed round will help Shorages expand its warehouses across the GCC, while also facilitating the expansion of more brands within Saudi Arabia, thus serving to build a “bridge between the UAE and KSA,” according to the statement.
More on Shorages: Established in 2019 by Rayan Osseiran (LinkedIn), Shorages offers a network of fulfillment centers that can receive inventory and dispatch orders locally and internationally for contracted merchants in the UAE and KSA, according to a statement. The company also has a management and order fulfillment system, allowing merchants to monitor their stock levels, order statuses, and sales performance, and offers product registration services.
WEE CLOSES PRE-SEED ROUND-
Dubai-based e-commerce platform WeeMarketplace has secured USD 10 mn in equity and debt from SIG Investment as part of its pre-series A funding, according to a press release. The latest funding round raises Wee’s market valuation to USD 40 mn. In addition to the funding from SIG, the startup bagged USD 2 mn in follow-on investments from existing shareholders during the funding round.
Where are the funds going? The funds will help Wee improve its delivery services, expand its local operations in the UAE, and introduce new service offerings.
About Wee: Founded in 2021 by Anastasia Kim, Oleg Dashkevich, and Sergey Kolikov, Wee offers same-day delivery services in Dubai and next-day delivery across the UAE. The shopping platform boasts a wide-range of products, including cosmetics, pharma products, flowers, and F&B products.
What’s next? The platform is mulling listing on a stock exchange in the MENA region, “signaling its commitment to long-term sustainability and growth,” the press release reads. Wee is also planning to introduce shopping, taxi services, and payment services to the platform aiming to “develop an expansive ecosystem.”
