TRUCKING‘Truck It In’raises largest seed round in MENAP trucking spaceStartup seeks to transform Pakistan’s $25B road freightmarket to help SMEs and truckers grow their businessPakistan is one of the largest road freight markets in the Middle East and NorthAfrica, representing a $25 billion annual opportunity, 10% of national GDP. Truck ItIn aims to be the nexus of road freight in the country by simplifying business forPakistan’s three million SME businesses and SME truckers (80% of the supplymarket), who operate in an increasingly complex and deeply fragmented industry.AirCargoUpdate36 36
TRUCKINGARACHI, Pakistan:KHomegrown logistics techstartup “Truck It In” hasclosed a $13 million seedround jointly led byventure capital firmsGlobal Founders Capital and Fatima GobiVentures—the largest of its kind in theMENAP (Middle East, North Africa, andPakistan) region, blowing out previoushighs seen in 2021, which was already abanner year for Pakistani startups.The latest seed round brings the total raisedcapital to $17.5 million, which will support Truck ItIn’s mission to transform Pakistan’s road freightindustry. The round also saw participation fromWamda, Picus Capital, Millville, Zayn Capital, i2iVentures, ADB Ventures, Cianna Capital, ReflectVentures, and K3 Ventures.Pakistan is one of the largest road freight marketsin the Middle East and North Africa, representinga $25 billion annual opportunity, 10% of nationalGDP. Truck It In aims to be the nexus of roadfreight in the country by simplifying business forPakistan’s three million SME businesses and SMEtruckers (80% of the supply market), who operatein an increasingly complex and deeplyfragmented industry.Muhammad Sarmad Farooq, CEO of Truck It In,said, “This seed round comes at an opportunetime, as the funds will be deployed to expand ourbusiness, driving hiring across all functions,focusing on engineers to help double down onproduct development and increase our digitalpenetration in the market.SMEs are reliant on mental notes and telephonecalls to run their businesses. Truck It In is leadingefforts to bring efficiencies here by building aplatform to ensure that SMEs have the right toolsand services to thrive today. We are looking totransform the experiences of shippers andtruckers, heralding them into the digital future.We are on an exciting journey creating value andsolving deep-rooted challenges. In the past year,our revenue has grown 37x, we have expandedinto 100+ trade lanes, and added 200 talents, asTruck It In continues to create impact every day.The impact generated allows truckers to leadbetter economic lives while serving the country.”Truck It In is another key investment by GlobalFounders Capital that partners with fast-growing companies with hugepotential to transform their industries. Tito Costa, the partner at GlobalFounders Capital, said: “The team at Truck It In is transforming the logisticsindustry in Pakistan at an unprecedented pace. We are honored to back themagain to expand their coverage further and bring their solution to shippersand truckers across the country.”Fatima Gobi Ventures (FGV), a VC focused on backing promising early-stagePakistani ventures, is also excited to play a role in developing such animpactful company.Ali Mukhtar, General Partner of FGV, said, “The pandemic has accelerateddigital adoption among larger players, widening the gaps of the haves andhave-nots in the logistics world. We believe Truck It In is key to closing this gapby making it easy for SME truckers to streamline operations and compete on amore level playing field while keeping costs competitive and serving as a vitallifeline for Pakistan’s thriving economy. With Sarmad and his team at thewheel, Pakistan’s SMEs are in pole position for a strong, sustainable, digitalfuture.”Alejandro Montealegre from Millville Opportunities Master Fund said, “Weare excited to back Truck It In’s high caliber team who are providingtremendous value to a critical sector of Pakistan’s economy.”Kalsoom Lakhani, Co-Founder & GP at i2i Ventures, said, “Pakistan’s truckingindustry presents an enormous opportunity for innovation & disruption, andwe have a deep conviction in the Truck it In team, who are tackling this headon.We are impressed by their execution and honored to support them ontheir journey as their investors.”Faisal Aftab, Co-Founder Zayn Capital, said, “The Truck It In team hasexhibited exceptional scaling ability by rapidly capturing significant marketshare in this fragmented industry. The team has the tenacity to solveproblems unique to Pakistan, creating efficiency for customers andsuppliers.”37 37AirCargoUpdate
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