The largest Series A round ever raised by a logistics startup is anticipated to strengthen Trukker's operations and expand to Egypt.
Abu-Dhabi-born truck-hailing startup Trukker announces the closing of its Series A round with $23 million investment. The round was led by Saudi Technology Ventures (STV), with participation from International Financial Corporation (IFC), Endeavor Catalyst, Riyad Taqnia Fund, Shorooq Ventures, Middle East Venture Partners and Oman Technology Fund.
“The latest funding round will be instrumental as we target significant strengthening of our operations, infrastructure, expansion of our team and further enhancements to our technology and R&D," says co-founder and CEO, Gaurav Biswas. "We are evolving rapidly to become the region’s trucking freight exchange that facilitates transparency and efficiencies-based commercial advantages for our users.”
The startup will use the recent funds gained to acquire more talent to grow its team, enhance user experience and strengthen its operational infrastructure network in the region by expanding its services to Egypt by the end of this year, and later to Jordan and more countries across the MENA.
Established in 2016 by Biswas and Pradeep Mallavarapu, Trukker’s digital freight marketplace connects transporters with consumers and businesses to provide logistics services. According to MENAbytes, the startup previously raised $4.1 million in a Pre-Series A round, which now brings the total capital raised to $27.1 million.
“We are a transportation operating business with a technology DNA. We provide the necessary visibility and key data metrics on thousands of trucks on our network and we match demand for trucks with reliable transporters who are looking for business,” says Mallavarapu, co-founder and CTO.
Currently, Trukker operates across the Gulf Cooperation Council (GCC), servicing long-haul and cross-country port movements and last-mile delivery of large cargo. The startup’s platform allows users to instantly book a truck by trip or day, with real-time demand and supply matching and cargo tracking.
“Trukker is bringing efficiency to a logistics market that is ripe for disruption. Adoption for a digital freight platform has grown significantly. Trukker has all the attributes to become a leader in the Middle East land transportation sector and will use this funding to go after the region’s logistics sector, which is set to reach $66 billion by 2020,” says Ahmad AlNaimi, Investment Principal at Saudi Technology Ventures.
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