We are co-leading a $96 million Series B round in TruKKer, the leading digital freight aggregator in MENA. The investment will further strengthen TruKKer’s growing momentum in current markets such as KSA, UAE and Egypt, as well as open up new geographies. Since our initial investment TruKKer has grown its client-base and top-line, as well as team and expanded its product offering.
In 2019, we announced that we led a Series A round in TruKKer. At the time, we were particularly inspired by the strong knowledge and passion of the founders. Gaurav and Pradeep had a vision of optimizing supply and demand in one of the most critical industries in the economy, logistics, and today they are one step closer to achieving that.
COVID-19 shocked the system in many ways and it showed both the private and public sector alike, just how important this industry is to our economy. Technology and digitization will continue to play a bigger role and we believe TruKKer is in prime position to champion that shift in the region.
TruKKer brings efficiencies to clients through its digital platform that offers a cohesive workflow for their daily transactions which includes; booking, tracking, rating and paperless processing of land freight. Since our initial investment the company has grown its client base by 7x and number of trucks by 4x across all geographies. In addition to the exceptional performance of the core product, the team is continuously improving their development processes, making us even more confident in their ability to reach the ambitious milestones they have set. Some examples include the attraction of world class executives to the senior management, the update/release of new products, expansion into Pakistan and Turkey, and leading regional attraction of institutional venture debt capital.
This funding round will help fuel the current momentum in KSA, UAE and Egypt as well as solidify the company’s position in new markets. We continue to be inspired by the vision of TuKKer as the de-facto platform for the MENA logistics industry and we are very proud to support Guarav, Pradeep and the team in this journey.