CargoX, an autonomous delivery platform based in the UAE, today (June 2) announced that it has raised $250 million from an investor group, led by BlueFive Capital.
BlueFive Capital is one of the world’s fastest growing investment managers, with $15 billion in assets under management. Incorporated in Abu Dhabi Global Market and with offices in nine cities including London, Abu Dhabi, Riyadh, Singapore and Beijing, the firm offers private equity, real estate, infrastructure and financial products to private wealth, institutional and retail clients.
The company will be led by Tomaso Rodriguez, the former CEO of Talabat. During his six years as CEO, Rodriguez grew Talabat more than ninefold to become the largest food delivery service in the Middle East and led the company through a $2 billion IPO in 2024, the largest global technology IPO of the year.
A major player in UAE, CargoX deploys driverless delivery vehicles across last-mile, middle-mile and long-haul logistics routes.
The platform has been successfully piloted on public roads in the UAE, with commercial operations expected to commence shortly across Abu Dhabi and Dubai.
Anchor relationships have been established with leading e-commerce, retail and logistics operators, while regulatory engagement has been secured with key government entities, including Dubai’s Roads and Transport Authority and Abu Dhabi Mobility.
The funding will support the expansion of CargoX’s autonomous logistics network across the UAE and international markets, as well as continued investment in vehicle technology, operations infrastructure and strategic partnerships, said the statement from the Emirati Group.
On the key funding, Rodriguez said: "The Middle East is ready for a step-change in logistics efficiency, and autonomous delivery is no longer a future concept, it is happening today."
"With $250 million in funding, we now have the firepower to scale – starting in Abu Dhabi and Dubai, then globally," he added.
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