Marking it as one of the biggest of its kind in MENA, the deal will also act as a gateway into MENA for Partners for Growth.
UAE-based digital freight platform, TruKKer, has announced that it has entered into a strategic venture debt agreement worth $10 million with San Francisco lending firm, Partners for Growth.
Marking one of the largest deals of its kind for tech business in MENA, the debt will be channeled into financing instant payments for TruKKer’s network of transporters, which numbers in the thousands. Launched in 2016, TruKKer utilises a fleet of over 25,000 trucks to serve over 500 B2B customers through its platform.
The news comes almost exactly one year after TruKKer raised $23 million in Series-A funding and further cements its position in the UAE market.
“We are disrupting a very fragmented industry, both operationally and commercially, by using advanced data science and technology tools,” TruKKer Group CFO, Amit Agarwal, said. “One of our essential capabilities is the ability to finance instant payments to the small transporters and owner-operators while offering standard credit terms for enterprise clients. Having demonstrated performance and substantial growth, financing our expanding working capital needs with a structured debt facility was an obvious next step for us.”
On the part of Partners for Growth, the news marks the lending firm’s first agreement of any kind in MENA, though they very much see it as a gain to its diverse portfolio, as well as a path into the region.
“TruKKer offers a very interesting proposition for a debt fund to support a diverse and growing portfolio of debtors with a custom facility tailored to enable the company’s rapid expansion,” Jason Geogatos, PFG’s Managing Director, said of the deal. ““We will continue to work with TruKKer to support their rapid growth and hope to work with other emerging technology companies as we get familiar with the MENA markets, and build strong relationships in the region.”
Sign up for the daily Startup Digest.