Truck It In Raises Largest Seed Round Funding in MENAP Trucking Space
Pakistan's 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, 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, 10% of national GDP.
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 efforts to bring efficiencies here by building a platform to ensure that SMEs have the right tools and services to thrive today. We are looking to transform the experiences of shippers and truckers, heralding them into the digital future.
"We are on an exciting journey creating value and solving deep-rooted challenges. In the past year, our revenue has grown 37x, we have expanded into 100+ trade lanes, and added 200 talents, as Truck It In continues to create impact every day.”
Truck It In is another key investment by Global Founders Capital that partners with fast-growing companies with huge potential to transform their industries.
Tito Costa, the partner at Global Founders Capital, said, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honored to back them again to expand their coverage further and bring their solution to shippers and truckers across the country. ”
Fatima Gobi Ventures (FGV), a VC focused on backing promising early-stage Pakistani ventures, is also excited to play a role in developing such an impactful company. Ali Mukhtar, General Partner of FGV, said: “The pandemic has accelerated digital adoption among larger players, widening the gaps of the haves and have-nots in the logistics world.
"We believe Truck It In is key to closing this gap by making it easy for SME truckers to streamline operations and compete on a more level playing field while keeping costs competitive and serving as a vital lifeline for Pakistan’s thriving economy.
"With Sarmad and his team at the wheel, Pakistan’s SMEs are in pole position for a strong, sustainable, digital future.”
Alejandro Montealegre from Millville Opportunities Master Fund said, “We are excited to back Truck It In’s high caliber team who are providing tremendous value to a critical sector of Pakistan’s economy.”
Kalsoom Lakhani, Co-Founder & GP at i2i Ventures, said: “Pakistan’s trucking industry presents an enormous opportunity for innovation & disruption, and we have a deep conviction in the Truck it In team, who are tackling this head-on.”
Faisal Aftab, Co-Founder Zayn Capital, said: “The Truck It In team has exhibited exceptional scaling ability by rapidly capturing significant market share in this fragmented industry.
"The team has the tenacity to solve problems unique to Pakistan, creating efficiency for customers and suppliers.”