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 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, Graph Ventures, 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. 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,
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“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. The impact generated allows truckers to lead better economic lives while serving the country,” he added.
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,
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.”
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.”
With more than $350 million raised by startups in the last year alone, Pakistan is seeing a boom in its startup ecosystem. Harboring one of the largest untapped market potentials in the world, Pakistan relies on trucks for a majority of its transport needs, since train cargo systems are almost non-existent.
