Saudi Delivery Startup BARQ Secures $4m Seed Round
RIYADH: Saudi delivery startup BARQ has secured $4 million in a seed round.
The money will be used to expand the firm’s geographic footprint in the Kingdom and diversify its product offerings.
The round was led by early stage venture capitalists OTF Jasoor Ventures, and Hambro Perks Oryx Fund — a Middle East and North Africa-focused investment fund according to Magnitt.
Sultan Holding, Saudi Venture Capital Co., family offices, and angel investors have also participated in as well.
“Technology is the heart of our startup; our location-driven solutions built using machine learning, route optimization, process automation, and chatbots help optimize the delivery process and cater to their fast-growing business needs,” Magnitt reported, citing BARQ executive Mohammad AlMarwani.
Founded in 2020, the startup provides prompt deliveries to business through its latest up to date delivery technologies.
Photo Courtesy: Write Caliber, Istock
Source: Arab News
