TruKKer Closes A US$96 Million Funding Round Led By Abu Dhabi-Based ADQ And Riyadh-Based STV
TruKKer will deploy the fresh funds to deepen its presence across all existing markets and launch several new products and features.
TruKKer, a digital freight network that currently operates in eight MENA and Central Asian countries, has completed a US$96 million funding round comprising a combination of Series B equity and debt funding.
The Series B equity funding round was led by Abu Dhabi-based investment and holding company ADQ and Riyadh-based venture capital fund STV, along with the participation of Mubadala Investment Company, and TruKKer's existing investors Riyad Taqnia Fund, Shorooq Partners, and others.
TruKKer has also raised a $50 million venture debt from Mars Growth Capital, a Singapore-based joint venture between Mitsubishi UFJ Financial Group (MUFG) and Israeli financial tech firm Liquidity Capital, and Partners for Growth, a San Francisco-based fund backed by the Silicon Valley Bank.
In a statement, TruKKer noted that it will deploy the fresh funds to deepen its presence across all existing markets, and launch several new products and features.
"TruKKer's growth has been exponential, both in our home markets of KSA and UAE, and in new markets across North Africa and Central Asia," said Gaurav Biswas, founder and CEO, TruKKer. "We are constantly improvising on our launch playbook that allows us to rapidly launch new markets followed by scaling our offering in each of them. At the same time, the core market teams are becoming more data and analytics driven in business processes to ensure improving user experience, setting standards, and leading the sector's direction."
The current deal follows a $23 million equity raise by TruKKer in 2019.
Since its inception in the B2B space in 2018, TruKKer has brought together a fleet of more than 40,000 trucks and 700 enterprise customers across eight countries in the Middle East and Central Asia region.
Other notable investors in TruKKer include PIF-backed Riyad Taqnia Fund, IFC (World Bank Group), Shorooq Partners, Endeavor Catalyst Fund, Oman Technology Fund, Middle East Venture Partners, Iliad Partners, 500 Startups and others.