The seed round was co-led by Global Founders Capital and Fatima Gobi Ventures
Homegrown logistics tech start-up Truck It In has closed a US$ 13mn 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 start-ups, the company revealed in a press communique.
The latest seed round brings the total raised capital to US$ 17.5mn, which will support Truck It In’s mission to transform Pakistan’s road freight industry.
Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a US$ 25bn 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.
“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,” asserted Muhammad Sarmad Farooq, CEO, Truck It In.
“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,” observed Ali Mukhtar, General Partner, FGV.
“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,” noted Kalsoom Lakhani, Co-Founder & GP, i2i Ventures. Truck It In is Pakistan’s fastest-growing road freight tech platform servicing clients across Pakistan. The company started operations in 2020 and aims to unlock more than $1 billion for Pakistani businesses through its trucking platform, the press statement concluded.