Pakistan-based Truck It In raises $1.5M Pre-Seed funding round
Truck It In, a tech startup focused on streamlining road freight for more than 3 million businesses in Pakistan, has closed a Pre-Seed funding round of $1.5M, led by Global Founders Capital and Fatima Gobi Ventures.
Other notable VCs and angel investors who previously invested in global trucking marketplaces, as well as senior executives from Careem and the founders of autonomous vehicles leader Wayve, participated in the round.
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Truck It In was founded in late 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.
Powered by a robust technology platform, an immensely talented team and an insatiable hunger for growth, Truck It In is on a mission to help businesses scale and run efficiently by connecting them directly to a highly fragmented truckers market. This opportunity represents 10% of the GDP in Pakistan and the company aims to be the nexus of road freight in the country, helping businesses scale while improving the lives of its truckers.
Muhammad Sarmad Farooq, CEO of Truck It In commented, “The current middlemen heavy industry relies on traditional calling and mental notes to match truckers with shippers. We are going to solve the supply chain inefficiencies in a $25bn market, that is growing faster than its regional peers, to help unlock more than $1bn for Pakistani businesses.”
Truck It In is another key investment by Global Founders Capital which is partnering with fast-growing companies with huge potential for transforming their respective industries.
Tito Costa, Partner at Global Founders Capital said, “We are excited to back the Truck It In team and kickstart their effort to digitize the trucking industry in the country, benefiting both shippers and truck drivers. There is an opportunity to transform the industry by driving efficiencies and cost savings through technology and Truck It In has the perfect team to execute on it.”
Fatima Gobi Ventures (FGV), a VC focused on backing promising early-stage Pakistani ventures is also excited to be playing a role in the development of such an impactful company.
Ali Mukhtar of FGV said, “Having backed successful investments in this space in HK and Southeast Asia, we are excited to add our first trucking portfolio company in Pakistan. We believe the team is well-positioned to lead the disruption in the trucking sector and we look forward to joining the company in its journey, not just to solve challenging old-world logistics problems but also to add significant social value to the livelihood of individual and SME truck owners across the country.” Ali also added that FGV's participation will enable Truck It In to tap into the firm's LP base, as they represent major industries in Pakistan with sizable shipping operations.
The funds raised in this round will be used to further Truck It In’s mission of solving complex supply chains and digitizing road freight. Truck It In has assembled the best team to seize the opportunity and is looking to onboard the best talent in the MENAP region.
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