TruKKer raises $23 million in Series A
UAE-based on-demand truck aggregator TruKKer has raised $23 million in one of the largest Series A funding rounds in the Middle East from Saudi Technology Ventures (STV), International Finance Corporation (IFC), Endeavor Catalyst Fund and Middle East Venture Partners (MEVP) as well as participation from existing investors including Riyad TAQNIA Fund, Oman Technology Fund, Iliad Partners, and Shorooq Ventures.
The Company will use the funding to grow the team, enhance customer experience and strengthen its operating infrastructure across the road freight network in the region. TruKKer is operational in Saudi Arabia, UAE, and the rest of the GCC and is in the process of expanding to Egypt, Jordan and the wider Middle East region.
“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 research and development,” said Gaurav Biswas, founder and chief executive officer (CEO) of TruKKer. “We’re tremendously excited to work with STV and all of the co-investors who are supporting our vision and enabling us to continue to grow in the region. We are evolving rapidly to become the region’s trucking freight exchange that facilitates transparency and efficiencies based commercial advantages for our users.”
Founded in 2016, TruKKer claims to have more than 15,000 member trucks servicing more than 200 clients.
TruKKer enables instant booking, real time demand and supply matching, digital price discovery, cargo tracking, and digitisation of document processing of land freight. It focuses primarily on road freight and services long-haul cross-country, port movements and last mile deliveries of large and bulky cargo.
“TruKKer is bringing efficiency to a logistics market that is ripe for disruption. Adoption for a digital freight platform has grown significantly. There is substantial demand from customers for better freight management, driven by data and information all situated in one platform. TruKKer has all the attributes to become a leader in the Middle East land transportation sector and will use this funding to go after the regions’ logistics sector, which is set to reach $66 billion by 2020,” said Ahmad AlNaimi, investment principal of STV.