Homegrown 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, Graph Ventures, 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. 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.
Muhammad Sarmad Farooq, CEO of Truck It In, said,
“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. SMEs are reliant on mental notes and telephone calls to run their businesses. Truck It In is leading...
Read Full Story: https://propakistani.pk/2022/02/04/pakistans-truck-it-in-raises-menas-largest-early-stage-funding/
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