Logistics startup Truck It raises $13 million seed round, largest in MENAP trucking space
Pakistan’s logistics tech startup Truck It In has closed a $13 million seed round jointly led by venture capital firms 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) region, blowing out previous highs seen in 2021, which was already a banner year for Pakistani startups.
The latest seed round brings the total raised capital to $17.5 million, which will support Truck It In’s mission to transform Pakistan’s road freight industry. The round also saw participation from Wamda, Picus Capital, Millville, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures.
Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a $25 billion annual opportunity, 10% of national GDP. 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% of the supply market), who operate in an increasingly complex and deeply fragmented industry.
“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. ” Muhammad Sarmad Farooq, CEO of Truck It In, said.
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.
Ali Mukhtar, General Partner of Fatima Gobi Ventures (FGV), a VC focused on backing promising early-stage Pakistani ventures noted that 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.” he added.
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