Trukker, the Abu Dhabi- headquartered start-up focused on logistics in the land freight sector, raised $96 million in fresh financing from investors including Abu Dhabi wealth funds ADQ and Mubadala Investment Co.
ADQ and Riyadh-based Saudi Technology Ventures led the equity funding round with the participation of Mubadala. Existing investors including the Public Investment Fund-backed Riyad Taqnia Fund and Shorooq Partners also took part, according to a statement on Monday.
As part of the financing round, the company raised $50m in venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund and San Francisco-based Partners for Growth, backed by the Silicon Valley Bank.
Trukker will use the money to expand in existing markets across the Middle East and Central Asia in addition to launching new products and features, according to the company’s chief financial officer, Amit Agarwal, a former Goldman Sachs Group Inc. banker.
Trukker is active in eight countries and operates a fleet of around 40,000 trucks. The company previously raised $23m in 2019, which at the time was one of the largest Series A funding rounds for the region.
“This is an opportune time to drive growth in the sector as the world focuses on digitisation and technology like never before,” said Amer Al Ameri, head of venture capital & technology investments at ADQ.
Trukker’s expansion plans in the region
Since its foray into the enterprise land-freight sector five years ago, the company’s ground operations have spread across seventeen locations in the MENA.
Last September, Trukker struck a deal to acquire Trucksher, a Pakistan-based digital freight booking platform.
The acquisition deal – a first for the UAE and Saudi-backed start-up venture for geographic expansion – is part of Trukker’s ambitious plans to enter the Pakistan land freight sector, a senior executive of the company told Arabian Business.
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