LAHORE: Truck It In, a local road freight tech platform, on Tuesday announced the largest pre-seed funding round of $1.5 million for the Middle East North Africa and Pakistan (MENAP) region to transform the country’s road freight industry.
The company, a tech start-up focused on streamlining road freight for more than 3m businesses in the country, started operations in 2020 and aims to unlock more than $1bn for Pakistani businesses through its trucking platform. The funds raised will be used by the firm to solve complex supply chains and digitise road freight.
The round was led by Global Founders Capital, a global seed and growth investor, along with Fatima Gobi Ventures, one of the most active multi-national venture capital firms in Asia. Along with them are notable venture capitals and angel investors who have previously invested in global trucking marketplaces.The start-up is helping businesses scale and run efficiently by connecting them directly to a highly fragmented truckers market. “This opportunity represents 10pc of the GDP in Pakistan and the company aims to be the nexus of road freight in the country, helping businesses scale while improving the lives of its truckers,” the announcement said.
“We are going to solve the supply chain inefficiencies in a $25bn market, which is growing faster than its regional peers, to help unlock more than $1bn for Pakistani businesses,” it added.
Published in Dawn, April 14th, 2021
