Saudi-based digital freight network Trukker raised $100 million in a Series C fundraising round led by Bahraini asset management firm Investcorp in what is likely the platform’s last funding round ahead of a possible listing.
TruKKer said in a statement that the latest fundraising also received equity participation from Saudi Arabia-based Riyad Valley Capital, Egypt’s Reliance Group, Iraq-based conglomerate March Holding and Abu Dhabi wealth fund Mubadala Investment Company. Mubadala’s investment was it’s second in the startup.
The proceeds of the latest fundraising round will be used to accelerate growth and expansion into new countries to democratise access to new-age trucking by penetrating deeper into the new and existing markets.
TruKKer, which describes itself as an online marketplace that connects transporters with consumers and businesses, currently operates in eight countries including Saudi Arabia, the UAE and Turkey.
“We continue to scale our business and expand the TruKKer digital freight network to attractive new geographies and execute on business plans, technology enhancements and look for accretive add-on acquisitions,” Amit Agarwal, CFO at TruKKer said in a statement.
Founded in 2016, TruKKer manages a network of more than 45,000 trucks, has more than 700 business-to-business clients and runs 27 stations spread across its network. The company raised just under $100 million through Series B equity led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures in February.
Dubai-based research firm MAGNiTT said that venture capital fundraising in the Middle East and North Africa surged by 46% in the first half of the year to hit $1.8 billion although the amount raised globally dropped.