Middle Eastern logistics startup TruKKer raised $100 million, ahead of its last funding round of a planned listing.
The funds were raised from investors including Bahrain-based asset manager Investcorp and Abu Dhabi wealth fund Mubadala Investment Co.
TruKKer “won’t need to raise another private equity round and puts us on a clear path to profitability by the end of next year,” Gaurav Biswas, founder and chief executive officer, said in an interview with Bloomberg.
Led by Investcorp, the first deal from a $500 million pre-IPO fund, according to Walid Majdalani, the firm’s head of private equity for the Middle East and North Africa.
The cash will be used as part of TruKKer’s expansion plans into new countries, and is “considering acquisition opportunities to accelerate growth,” Biswas told Bloomberg.
The transport company currently operates in eight countries including Saudi Arabia, UAE and Turkey.
The company manages a network of over 45,000 trucks through its platform that matches shippers and freight carriers.
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