Pakistan’s Karachi-based startup Truck It In raised another $13 million in early-stage funding, which the start-up claims to be the largest funding by a logistics startup in the Middle East, North Africa and Pakistan (MENAP) region.
Funding round participants
The funding round is jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures. Other investors who participated in the seed funding include:
- Picus Capital
- Millville
- Wamda
- Zayn Capital
- i2i Ventures
- ADB Ventures
- Cianna Capital
- Reflect Ventures, and
- K3 Ventures
With the latest $13 million additional funding, company’s ota raised capital has reached $17.5 million. The startup saw record funding rush last year as its revenue increased 37 times in 2021. The startup says the funding will support its mission to transform road freight industry of Pakistan.
“The funding 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,” says CEO of Truck It In, Muhammad Sarmad Farooq. “The impact generated allows truckers to lead better economic lives while serving the country.”
About Truck It In
Truck It In started two years ago with a primary goal to connect truckers with shippers. Pakistan is one of the largest road freight markets in the MENA region, representing a $25 billion annual opportunity. Still, a wide gap exists between shippers and truckers which remains unresolved since years. The three founders worked together at Dubai-based ride hailing company Careem Inc. The startup is focusing on Pakistan’s small- and medium-sized truck operators that represent 80% of the fragmented market.
“The opportunity ahead is massive and it can be done; now is the right time. Technology is being leveraged to solve deep rooted challenges with-in the economy. Road freight needs to be simplified and be more accessible,” was the unanimous agreement of the cofounders while discussing the idea for the first time in June of 2020.
The startup is now going on a hiring spree to double its workforce to over 400 employees.