Pakistan's Truck It In has set forth to digitize the local freight management experience and got the attention of major investors with its latest $13M SEED fundraise.
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Pakistan-based homegrown logistics tech startup Truck It In has raised $13M in its latest funding round. The SEED round was jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures and recorded participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Venture. The latest seed round brings the total raised capital to $17.5M, which will support Truck It In’s mission to transform Pakistan’s road freight industry.
Founded in 2020, by Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid, three co-founders that have built high-performance teams and scaled products that have delivered exponential growth in ride-hailing, food, and last-mile deliveries for Careem and Bykea both in Pakistan and the MENA region. Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a $25 billion annual opportunity. 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.
With 3 Mega Deals by Turkey-based delivery network Getir, 1 Mega Deal by Egypt-based logistics startup and micro-crediting service provider Halan, and the highest funding round in Pakistan to date closed by delivery startup Airlift, the Transport & Logistics (T&L) sector across EVMs has captured investor attention in 2021. As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download, these major rounds drove the 550% YoY growth in VC funding over 2021, to make T&L the second most-funded industry across EVMs.
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In light of this platform boosting investment, Muhammad Sarmad Farooq, CEO of Truck It In commented, “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.” Farooq added “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.”
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. Ali Mukhtar, General Partner of FGV, said, “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.”
Truck It In is another key investment by Global Founders Capital that partners with fast-growing companies with huge potential to transform their industries. The Pakistan-based T&L startup will be able to channel its funds into further developing its freigh network and supporting its market expansion efforts. Tito Costa, the partner at Global Founders Capital, concluded, “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. ”
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