We show you our most important and recent visitors news details Boxit raises investment to continue its growth in the following article
Hind Al Soulia - Riyadh - UAE-headquartered on-demand storage company Boxit, has secured its second funding round led by Kuwait-based Alif Ba Holding, with participation from a group of private investors. The startup has raised a total of $1.6 million over the past year.
Founded in 2016, Boxit looks to disrupt the traditional self-storage model. It enables its users to store their belongings in secured storage facilities and pay for the volume they occupy without having to visit a storage unit themselves.
The company was started in Kuwait and has recently expanded to the UAE. Back in September 2017, Boxit's Kuwaiti strategic investors acquired a significant majority stake in the company to fuel its growth in Kuwait as well as set the stage for its expansion to other GCC countries.
"We were fortunate to engage with the right partners at the right time, the combination of which allowed us to unlock the platform and team’s full potential and embark on a journey of significant growth and eventually market leadership in the region in the years to come,” said Premlal Pullisserry, founder of Boxit.
Despite the current economic instability caused by the Covid-19 pandemic, the company claims to have achieved a compound annual growth rate (CAGR) of over 160 per cent in Q3 of this year as compared to the same period last year.
In 2016, Boxit received a $600,000 seed round led by Wamda. This round also saw participation from Kuwait-based Arzan VC, Dubai-based Equitrust, Sheikh Hamad Jaber Al Ahamad Al Jaber Al Sabah and Saad Mouasher, vice chairman at Jordan Ahli Bank.
These were the details of the news Boxit raises investment to continue its growth for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.