Logistics tech startup Truck It In has closed $13 million seed funding jointly led by Global Founders Capital and Fatima Gobi Ventures, bringing its total raised capital to $17.5 million. The round also saw participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures.
“Pakistan is one of the largest road freight markets in the Middle East and North Africa, representing a $25 billion annual opportunity. Truck It In aims to be the nexus of road freight in the country by simplifying business for Pakistan’s three million SME businesses and SME truckers (80% of the supply market), who operate in an increasingly complex and deeply fragmented industry,” a company statement said.
Muhammad Sarmad Farooq, CEO of Truck It In, said, “This seed round comes at an opportune time, as the funds will be deployed to expand our business, driving hiring across all functions, focusing on engineers to help double down on product development and increase our digital penetration in the market. According to the company, in the past one year, its revenue has grown 37x, expanded into 100+ trade lanes, and added 200 staff members.
Tito Costa, Partner at Global Founders Capital, said, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honored to back them again to expand their coverage further and bring their solution to shippers and truckers across the country.”
Ali Mukhtar, General Partner of Fatima Gobi Ventures, said, “The pandemic has accelerated digital adoption among larger players, widening the gaps of the haves and have-nots in the logistics world. We believe Truck It In is key to closing this gap by making it easy for SME truckers to streamline operations and compete on a more level playing field while keeping costs competitive and serving as a vital lifeline for Pakistan’s thriving economy. With Sarmad and his team at the wheel, Pakistan’s SMEs are in pole position for a strong, sustainable, digital future.”
Faisal Aftab, Co-Founder Zayn Capital, said, “The Truck It In team has exhibited exceptional scaling ability by rapidly capturing significant market share in this fragmented industry. The team has the tenacity to solve problems unique to Pakistan, creating efficiency for customers and suppliers.”