KUWAIT CITY, Kuwait – November 22, 2023 – Soor Capital announced today that it co-led a $7 million Pre-Series A funding round for Raha, a Kuwait-based logistics technology company, alongside eWTP Arabia Capital, a Private Equity Fund backed by the Public Investment Fund (PIF). This latest investment brings Raha's total funding to an impressive USD 14 million since inception.
Strategic Technology Investment
Raha represents Soor Capital's strategic expansion into technology investments, marking the firm's entry into the rapidly growing logistics and automation sector in the Middle East and North Africa (MENA) region. The company has established itself as a pioneering force in logistics innovation, developing cutting-edge solutions that are reshaping the e-commerce landscape across the Gulf region.
Since its inception in 2022, Raha has rapidly expanded as a multi-sector technology and automation provider, achieving remarkable success with its flagship project ShopRaha - an innovative e-grocery platform featuring the region's first fully automated robotics-fulfillment center and chilled automated warehouse globally.
Exceptional Company Profile
Raha operates through two primary verticals: btr.tech and Smooth Logistics, focusing on intelligence-driven logistics consultancy, systems integration, and third-party logistics (3PL) services. The company's mission centers on blending technology and logistics expertise to offer scalable and long-lasting e-commerce experiences while disrupting traditional models and reshaping the e-commerce landscape.
"This investment represents our strategic entry into the Middle East technology sector with one of the region's most innovative logistics companies," said Mohammad Razzouqi, Partner at Soor Capital. "Raha's tangible success and anticipated increased role in influencing the region's automation and robotics sectors as a consultant and service provider makes this an exceptional investment opportunity."
Investment Highlights
The investment offers compelling characteristics including:
- Market-leading innovation with region's first fully automated robotics-fulfillment center
- Strategic market position in high-growth MENA logistics and e-commerce sectors
- Exceptional management team led by experienced entrepreneurs and industry experts
- Strong co-investor partnership with PIF-backed eWTP Arabia Capital
- Significant expansion potential across Saudi Arabian and UAE markets
Market Position and Growth Strategy
Raha is strategically positioned to capitalize on the rapidly expanding Middle East e-commerce and logistics automation markets. The company has been recognized as one of Kuwait's top start-ups at Forbes' Top Entrepreneurs 2023 Forum, and ShopRaha continues to set benchmarks in the competitive grocery e-commerce market.
With this recent funding, Raha aims to strengthen its presence in the Saudi Arabian and UAE markets while continuing to invest in digital infrastructure for operational excellence. The funding is expected to further establish Raha as a key player in the automation and robotics industries, contributing to the development of the MENA region's technological advancement.
Strategic Partnership Impact
Jerry Li, Founder and Managing Partner of eWTP Arabia Capital, expressed optimism about Raha's potential to aid aspiring companies in their growth and expansion journeys, contributing to the development of the MENA region. The partnership between Soor Capital and eWTP Arabia Capital represents a powerful combination of regional expertise and international backing.
Saleh Al-Tunaib, Co-Founder and CEO of Raha, highlighted the company's mission to blend technology and logistics expertise, emphasizing the importance of investing in digital infrastructure for operational excellence and the smooth transition to online domains for enhanced customer experience and operational capabilities.
About Soor Capital
Soor Capital is a private equity firm offering comprehensive investment services across the USA, UK, Europe, and GCC regions. The firm specializes in acquiring and investing in institutional-quality real estate assets and high-growth technology companies with superior market positions. Since its establishment, Soor has transacted over £500 million of private equity investments across multiple sectors and geographies.
