Egypt's Trella raises $42 million in debt and equity
- Cairo-based digital freight marketplace Trella has raised $42 million in a funding round comprising $30 million in new equity and $12 million in debt facilities.
The equity was led by Maersk Growth and Raed Ventures, alongside Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures and Flexport. Lendable led the debt facilities.
Founded in 2018 by Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem, has a presence in Egypt, Saudi Arabia and Pakistan.
Trella plans to use the new funding to expand across Menap, enhance its growth and scale up its technological capabilities.
Trella, a Cairo-based digital freight marketplace in the Middle East, North Africa and Pakistan (Menap), has closed a successful $42 million funding round, comprising $30 million new equity and $12 million debt facilities.
The equity element was led by Maersk Growth and Raed Ventures. Other participating investors include Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures and Flexport. The debt facilities are being provided by Lendable - the next generation lending platform and other local financial institutions.
Founded in 2018, Trella is a technology platform ‘reinventing trucking’ across emerging markets, and has a current market presence in three countries; its home market - Egypt, Saudi Arabia and Pakistan. Its four co-founders include Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem.
Omar Hagrass, Chief Executive Officer of Trella, commented “This $42 million funding round is a huge endorsement of Trella’s capabilities, business model and market opportunity. We have a strong diversity of investors and we thank all participants for their support. It is great to have Maersk, as a shipper customer that uses Trella, invested in our future growth. The Menap freight market is a significant one and urgently needs the transparency, reliability and efficiency that Trella and its technology platform provides. We are trusted and used by some of the world’s most recognisable brands, and look forward to working with our partners to scale across Menap.”
Omar Almajdouie, Founding Partner of Raed VC, added “Our unwavering belief in the founders coupled with the booming freight sector made the opportunity to lead Trella’s investment round very exciting. Trella’s product innovation has enabled them to grow significantly in the past year despite the tough operating environment. This is a testament to their resilient business model and strong team. We are excited to support the team in their growth journey.”
Jeppe Hoier, Partner at Maersk Growth, mentioned “We are currently experiencing a rapid development in trucking, as transportation of goods has become accessible to even the smallest companies due to new digital solutions. Trella’s platform is an excellent example of this democratisation of the logistics sector. Trella is at the same time our first investment on the African continent founded by a team with significant experience from the startup scene.”