Truck It In, a local logistics technology business, has raised $13 million in a seed round headed by Global Founders Capital and Fatima Gobi Ventures.
The seed round is the largest of its kind in the MENAP (Middle East, North Africa, and Pakistan) area, surpassing previous highs set in 2021, a great year for Pakistani entrepreneurs.
The new seed round takes the total amount invested to $17.5 million, which will help Truck It In achieve its goal of transforming Pakistan’s road freight market.
Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures also participated in the round.
Pakistan is one of the most important road freight markets in the Middle East and North Africa, with a market worth $25 billion a year.
Truck It In aspires to be Pakistan’s nexus of road freight by making business easier for the country’s three million SMEs and SME truckers (which account for 80% of the supply market), who operate in an increasingly complex and fragmented industry.
According to Muhammad Sarmad Farooq, CEO of Truck It In, “This seed round comes at an opportune time, as the funds 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.
SMEs are reliant on mental notes and telephone calls to run their businesses. Truck It In is leading efforts to bring efficiencies here by building a platform to ensure that SMEs have the right tools and services to thrive today. We are looking to transform the experiences of shippers and truckers, heralding them into the digital future.”
“We are on an exciting journey creating value and solving deep-rooted challenges. In the past year, our revenue has grown 37x, we have expanded into 100+ trade lanes, and added 200 talents, as Truck It In continues to create impact every day. The impact generated allows truckers to lead better economic lives while serving the country,” he added.
Global Founders Capital has made another significant investment in Truck It In, a fast-growing company with enormous potential to disrupt its industry. Global Founders Capital partner Tito Costa stated, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honored to back them again to expand their coverage further and bring their solution to shippers and truckers across the country. ”
Fatima Gobi Ventures (FGV), a VC focused on early-stage Pakistani ventures, is likewise pleased to be a part of the growth of such a significant company. FGV’s General Partner, Ali Mukhtar, stated, The pandemic has accelerated digital adoption among larger players, widening the gaps of the haves and have-nots in the logistics world.
We believe Truck It In is key to closing this gap by making it easy for SME truckers to streamline operations and compete on a more level playing field while keeping costs competitive and serving as a vital lifeline for Pakistan’s thriving economy. With Sarmad and his team at the wheel, Pakistan’s SMEs are in pole position for a strong, sustainable, digital future.”
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