Friday, January 27, 2023

Pakistani startup Truck It In extends pre-seed round to $4.5m

Karachi-based startup Truck It In raised another $3 million in an extended pre-seed round, taking the cumulative raise to over $4.5m to fuel its rapid expansion in Pakistan, as the startup seeks to become the largest trucking platform in Pakistan.

In a press release issued Tuesday, the startup said this was the “largest pre-seed round in the regional trucking sector.”

Truck It In raised the extended amount in less than 5 months. Earlier in April, the startup had raised $1.5 million in its pre-seed round. The entire $4.5 million has been raised as equity financing, the company told a media outlet.

Existing investors Global Founders Capital and Fatima Gobi Ventures led the round, showing their confidence in the startup. The other two leading investors of the round included Pakistan’s Zayn Capital, which had participated in the April deal as well, and Germany-based Picus Capital – an early-stage tech investment firm.

Other investors that participated in the April pre-seed round included Deosai Ventures and +92 Ventures.

The funding will be used for expansion of Truck It In countrywide and make it the biggest trucking platform in the country, the press release stated.

“We’re at the very early stages of transforming a critical industry and aim to help over 3 million businesses save $1 bn annually in supply chain inefficiencies,” said Muhammad Sarmad Farooq, CEO, and Co-Founder at Truck It In. “Our long-term aim is to streamline and digitize the logistics sector to create a ripple effect across the economy,” he added.

Tito Costa, partner at Global Founders Capital was surprised to see “such an overwhelming market response to Truck It In’s offering,” in just a few months.

“We are honored to increase our commitment and support the team as they scale even faster to capture this opportunity in Pakistan,” added Costa.

With this latest fundraise, Truck It In will expand its services and product features that will help scale to the next level. The startup aims to digitize the trucking industry in Pakistan.

Truck It In started operations in August 2020. The company connects shippers with reliable fleets of trucks at competitive pricing through its online platform. The platform offers live tracking and insights to the shippers while Truckers get instant loads and assurance for return trips.

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