UAE-based logistics and supply chain startup Trukkin has raised $7 million (SAR 26 million) in a round of Series A funding to develop its operations and make technology investments.
The round was led by Saudi-based Emkan Capital with participation from Impact46 Seed Fund, Taya Group, and other strategic investors.
Founded in 2017, Trukkin is a leading aggregator to bring transparency, reliability, and efficiency to the logistics business by digitizing the process of matching shippers with drivers. Trukkin also develops fintech solutions in the areas of payments, insurance, and financial services.
“I’m very proud of the team and the growth we’ve achieved over the last year as we expanded into Pakistan and grew revenues despite the difficult environment presented by COVID. We are excited to close the round with strategic investors like Emkan Capital and Impact46, it confirms our vision of creating a world-class regional aggregation platform to enable logistics for the shippers and transporters. We see enormous growth potential in the logistics industry in the MENAP (Middle East and Pakistan) region, the size of the market is considerable at over $50 billion. Currently, local fragmented players dominate the market in the region, and we are working to be an enabler that brings this fragmented market together on an integrated, world-class platform to showcase collective growth.”
“Trukkin has exhibited incredibly efficient use of capital and we’re very impressed with what they’ve been able to achieve in such a short time frame. Its core team with over 200+ years of combined industry experience have showcased their expertise in not only navigating but driving growth during the pandemic,” commented Mr. Ghassan Aloshban, General Partner at Emkan Capital.
Trukkin has grown tripled since the onset of the pandemic and scaled into Pakistan midyear in 2020, becoming the first mover and the leading logistics platform in Pakistan while growing its business in the UAE and Saudi Arabia as well as serving 12 countries in the broader Middle Eastern region.