KARACHI – Truck It In, a Karachi-based tech startup that aims at making freight movement efficient and improving the lives of truckers, has raised another $13 million in seed funding, the “largest” in the trucking category in the Middle East, North Africa and Pakistan (MENAP) region.
The funding round was led by venture capital firms Global Founders Capital and Fatima Gobi Ventures and also saw participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures.
The total funding raised by the startup has now surged to $17.5 million.
“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,” said CEO of Truck It In, Muhammad Sarmad Farooq.
According to the startup, their revenue grew 37 times last year as they remained busy solving deep-rooted challenges. “The impact generated allows truckers to lead better economic lives while serving the country.”
Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a $25 billion annual opportunity, their statement read.
“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 (80pc of the supply market), who operate in an increasingly complex and deeply...
Read Full Story: https://pakobserver.net/pakistans-truck-it-in-startup-raises-another-13-million-in-seed-funding/
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