In the $96 million series B equity funding round led by ADQ and Riyadh-based venture capital fund STV, the Saudi digital logistics firm TruKKer attracted funding from Abu Dhabi’s Mubadala Investment company as well as ADQ.
ADQ holds some of Abu Dhabi’s biggest assets such as AD Ports Group and Kizad in its portfolio.
Besides ADQ, STV, and Mubadala, existing investors such as Riyad Taqnia Fund, Shorooq Partners, and others also participated.
The business has raised a $50 million venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund and San Francisco-based Partners for Growth (PFG) backed by the Silicon Valley Bank.
“Mubadala has been investing in the Logitech space across the globe and we see significant opportunities in digitizing a large industry,” said Mattia Fugazza, Head of MENA Ventures at Mubadala. ” We are excited about TruKKer’s vision and what Gaurav and the management team are building: Mubadala’s experience and network in diverse industries will support TruKKer in growing and executing on its ambitions.”
A 40,000 truck fleet
The deal follows a $23 million equity raise by TruKKer in 2019, which was one of the largest Series A funding rounds in the region at the time. Since its inception in 2018, TruKKer has brought together a fleet of 40,000 plus trucks and 700 business customers in eight countries.
“TruKKer’s growth has been exponential, both in our home markets of Saudi Arabia and UAE and in new markets across North Africa and Central Asia,” said Gaurav Biswas, founder, and CEO, TruKKer. “We are constantly improvising on the launch playbook that allows us to rapidly launch new markets followed by scaling our offering in them.
Moreover, TruKKer’s main market teams are developing into more data and analytics-driven business processes that ensure improved customer satisfaction, setting high-quality standards, and leading the sector in the path of organizational objectives.
