Dubai/Riyad, February 19, 2019 –
Press Release: Mile Solutions closes its seed round financing from Riyad Taqnia Fund (RTF)
Mile Solutions announced today the closing of its Seed Round financing. The investment was provided by Riyad TAQNIA Fund.
Mile Solutions provides mobile supply chain lastmile solutions for small and medium sized businesses. The company embarked upon solving a persistent road logistics problem in the region; paper invoice related inefficiencies and theft related leakages that exist in the last mile delivery process currently.
Mile Suite is the company’s flagship, SaaS delivery & Sales management platform, helping SMEs automate existing fleets, drivers and field force. It empowers businesses through actionable business intelligence, real-time geo-aware data, leverages the latest in IoT technologies, ensures data protection & security. The mobile, cloud-based platform manages the sales, deliveries, invoices and orders for businesses in real-time. Mile helps business owners optimize the entire sales order processes, fulfill on-demand deliveries and enables them to capture larger market share through intelligent customer insights. For example, Mile eliminates the need for manual sales data entry at the end of each working day. As daily sales data is synched in real time, the mobile platform saves time and eliminates errors. Moreover, the automated digital invoicing, geo location based delivery confirmations, electronic signatures and settlement functionalities of Mile eliminates the need to produce written invoices and reduce the risk of pilferage. Some of the main value drivers the platform brings to SMEs are the ability to map out journey plans in the most optimal delivery route and the ability to track and monitor each transaction across delivering sales fleets in real time.
The objective of this investment is to grow the Mile platform and related products through further technology development, as well as for sales & marketing support.
Adel Al Ateeq, deputy CEO at Riyad Capital, commented on the investment: “The investment in Mile Solutions is a natural extension of RTF’s efforts to scale regional startups addressing “pain points” in road logistics and in particular the friction accompanying the last mile delivery. We believe that Mile Solutions could become a leading logistics solution company in the GCC region and we intend to support the business as it grows in the UAE and Saudi Arabia, as well as in other, new markets regionally”.
Shawar Javed (CEO & Co-Founder), commented the following: “This has been an incredible year for us! This investment is a strong endorsement of our strategy so far. Our new financial partners will support us to develop our unique technology even further and faster than before, continue to buildout strategic partnerships with business leaders and allow us to expand our services in the UAE, the Kingdom and GCC-wide in a timely manner”.
Fawad Ahmed (CTO & Co-Founder), commented ” We are thrilled to have RTF as our new partners in the pursuit of solving Lastmile delivery problems in the region. Seed investment is a testament to Mile platform and will enable us to scale further across UAE & KSA markets. These are exciting times for Mile Solutions and our team is excited to grow the business regionally”.
Riyad TAQNIA Fund is a venture capital fund investing in technology opportunities in ICT, Energy & Sustainability and Advanced Materials. RTF was founded by Riyad Capital and TAQNIA and is backed by leading institutional investors.
Mile Solutions is a Dubai based Lastmile Delivery platform providing services to SME’s across the GCC region.