TruKKer, a Saudi Arabia-headquartered digital freight network, raised $96 million in a mix of debt and equity Series B financing, according to a Monday (Feb. 14) press release.
The company plans to use the capital to expand in existing markets in the Middle East and Central Asia and launch new products and features, said Chief Financial Officer Amit Agarwal, per the release.
The round was led by ADQ, an Abu Dhabi-based investment and holding company, and Saudi Technology Ventures, the release stated. There was also participation from of Mubadala Capital Ventures, an Abu Dhabi-headquartered global ventures platform. Existing investors Public Investment Fund-backed Riyad Taqnia Fund and Shorooq Partners also participated.
As part of the financing round, the company also raised $50 million in venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund, and San Francisco-based Partners for Growth, backed by the Silicon Valley Bank, according to the release.
Since its launch in 2018, TruKKer has grown to become the largest digital freight platform in the Middle East and Central Asia region, according to the release. It has a fleet of more than 40,000 trucks and 700 customers in eight countries.
The deal comes on the heels of a $23 million equity fundraise in 2019, which TruKKer said in the release was one of the largest Series A funding rounds in the region at the time.
TruKKer CEO Gaurav Biswas said the company’s investors are behind its product innovation, execution abilities and category leadership.
In January, global freight booking platform Freightos Group acquired rate management company 7LFreight. Terms of the deal were not disclosed.
Read more: Freight Booking Platform Freightos Acquires 7LFreight
Freightos said the deal would give forwarders using 7LFreight access to the same services they’ve enjoyed, coupled with the ability to get instant pricing and book air cargo through WebCargo, another Freightos Group company.
