CargoX gets $250m to expand driverless delivery in UAE
CargoX, a UAE-headquartered autonomous delivery company, has raised $250 million to support its domestic and global expansion.
The funding was secured from an investor group led by BlueFive Capital, an Abu Dhabi-based asset manager.
The company deploys driverless delivery vehicles across last-mile, middle-mile and long-haul logistics routes, which have already been piloted on public roads in the UAE.
Commercial operations are expected to commence shortly across Abu Dhabi and Dubai, CargoX said in a statement.
The funding will support the expansion of an autonomous logistics network across the UAE and international markets, as well as continued investment in vehicle technology, operations infrastructure and building partnerships.
“The Middle East is ready for a step-change in logistics efficiency, and autonomous delivery is no longer a future concept,” said Tomaso Rodriguez, CEO of CargoX.
Rodriguez is the former CEO of Talabat, a Dubai-listed online food ordering and delivery company.
BlueFive Capital, based in the Abu Dhabi Global Market, has $15 billion in assets under management.
In April, Bloomberg reported that BlueFive Capital was seeking to raise $3 billion to invest in aerospace and defence companies.
Last year, Mumtalakat Holding, Bahrain’s sovereign wealth fund, took a stake in BlueFive.
Further reading:
- Fully driverless robotaxis can now be hailed in Abu Dhabi
- Chinese self-driving operator WeRide launches Saudi operations
- Abu Dhabi pulls ahead of Riyadh in robotaxi race
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