KARACHI: Local startup Truck It In, a road freight tech platform, has raised another $13 million in seed funding that, the company claims, is the “largest” in the trucking space in the Middle East, North Africa and Pakistan (MENAP) region, Dawn.com reported on Friday.
The funding round was led by venture capital firms Global Founders Capital and Fatima Gobi Ventures and also saw participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures and K3 Ventures.
The latest round brings the total raised capital by the company to $17.5m, which will support Truck It In’s mission to transform Pakistan’s road freight industry, the startup said in a statement.
“The funding will be deployed to expand our business, driving hiring across all functions, focusing on engineers to help double down on product development and increase our digital penetration in the market,” says CEO of Truck It In, Muhammad Sarmad Farooq.
According to the startup, its revenue grew 37 times last year as it tried solving deep-rooted challenges. “The impact generated allows truckers to lead better economic lives while serving the country.”
Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a $25 billion annual opportunity, the statement said.
“Truck It In aims to be the nexus of road freight in the country by simplifying business for Pakistan’s three million SME businesses and SME truckers (80 per cent of the supply market), who operate in an increasingly complex and deeply fragmented industry.”
Tito Costa, the partner at Global Founders Capital, said, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honoured to back them again to expand their coverage further and bring their solution to shippers and truckers across the country.”
Published in Dawn, February 5th, 2022