Trukker gains $23m in Series A funding
Platform matches road haulage companies and lorry owners with more than 200 companies needing deliveries
A digital freight platform allowing buyers and sellers of road freight services to negotiate jobs and track shipments has secured $23 million in a Series A funding round led by Saudi Technology Ventures.
Trukker, which began life in the UAE in 2016, will use the funding to grow its team, improve its platform and strengthen its operating infrastructure across the region, it said. The company will continue its growth in Saudi Arabia and the UAE, and is in the process of launching in Egypt, Jordan and other regional markets.
“The latest funding round will be instrumental as we target significant strengthening of our operations, infrastructure, expansion of our team and further enhancements to our technology and R&D," the company's founder, Gaurav Biswas, said. "We are evolving rapidly to become the region’s trucking freight exchange that facilitates transparency and efficiencies based commercial advantages for our users.”
Trukker is an online service matching hauliers with up to 15,000 trucks with more than 200 clients. It allows haulage firms to bid for jobs, creating a digital method of price discovery and real time supply and demand matching. It also allows for cargo to be tracked and documents processed digitally.
"We provide the necessary visibility and key data metrics on thousands of trucks on our network and we match demand for trucks with reliable transporters who are looking for business," said Trukker's co-founder and chief technology officer, Pradeep Mallavarapu.
He said the platform offers "regular jobs and prompt payments, better livelihood and convenience for our transporters alongside high levels of reliability, analytics, and lower transportation costs for the cargo owners”.
Alongside Saudi Technology Ventures, the company has received backing from the International Finance Corporation, which is the development finance arm of the World Bank, Endeavour Catalyst Fund and Middle East Venture Partners. They join existing investors in the firm, including Riyad TAQNIA Fund, Oman Technology Fund, Iliad Partners, and Shorooq Ventures — all of which participated in the new round.
Updated: November 13, 2019 09:16 PM