"We Got Funded!" Shorooq Leads US$12.5 Million Financing Round in UAE-Based Self-Storage Platform The Box With 30 facilities, including a flagship 140,000-square-foot location, The Box offers units ranging from small lockers of 25 square feet up to 1,000 square foot rooms.
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
The Box, a UAE-based self-storage company that solves modern storage and logistical challenges faced by both individuals and businesses, has secured USD$12.5 million in a financing round led by Shorooq, a UAE-based multi-dimensional investment firm. The financing was carried out through Shorooq's Credit Practice
With 30 facilities, including a flagship 140,000-square-foot location, The Box offers units ranging from small lockers of 25 square feet up to 1,000 square foot rooms and thus ensures flexible storage solutions customized to various needs. With the new capital expected to be allocated towards expanding and developing new flagship storage facilities, The Box aims to further its vision to transform the self-storage landscape across the UAE and enhance urban living convenience. For starters, the funds will be used to support the construction of a brand-new self-storage facility in Dubai.
Source: The Box
"With Shorooqʼs strategic support, we are excited to expand our reach and deliver an exceptional storage experience," said Wadih Haddad, founder and CEO of The Box. "We look forward to elevating the standards of the self-storage industry in the region to meet the demands of modern urban living."
The team at Shorooq - a firm known for investing across fintech, platforms, and deep tech across the MENA - also noted that it sees potential in The Box's consumer-oriented model and its alignment with urban growth trends. "The Box signals our commitment to backing transformative industries within the MENA region," explained Joe Barron, Senior Investment Professional within the Credit Practice at Shorooq. "The Box's approach matches our ethos of enhancing life through intelligent, responsive solutions, and we are excited to propel them into their next phase of growth with the construction of a new flagship facility in the heart of Dubai."
Source: The Box
Through this collaboration, both entities aim to champion innovative solutions, particularly through leveraging Shorooq's strategic insights to solidify The Box's position as a leader in self-storage. The Box's anticipated launch of sustainable, technology-enhanced state-of-the-art facilities across the region is also expected to meet the increasing demands for reliable storage solutions.
