KARACHI: Tech-based logistics startup Truck It In has raised $13 million funding in addition to $4.5 million pre-seed funding, bringing up total funding to $17.5 million, which the company mainly aims to use for expansion, officials said.
This brings up the total funding to $17.5 million for the company.
“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,” CEO Muhammad Sarmad Farooq said.
“We are on an exciting journey creating value and solving deep-rooted challenges. In the past year, our revenue has grown 37x. The impact generated allows truckers to lead better economic lives while serving the country.”
The $13 million seed round was jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures. The startup said the seed round was the largest of its kind in the MENAP (Middle East, North Africa, and Pakistan) region, eclipsing previous highs seen in 2021, which was already a banner year for Pakistani startups.
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. The startup said it aims to be...
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