Friday, January 27, 2023

Pakistan’s BridgeLinx raises $10 million in country’s biggest seed funding

Pakistan’s leading digital freight marketplace BridgeLinx raises $10 million in country’s largest seed funding

Digital marketplace for freight cargo BridgeLinx Technologies has raised $10 million in Pakistan’s largest seed capital investment.

BridgeLinx is a 9-month-old Lahore-headquartered startup utilizing technology to bring efficiency and innovation to the fragmented and inefficient logistics services markets in Pakistan and beyond.

Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures and Indus Valley Capital co-led the startup’s financing round. Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, Magnus Rausing’s UNTITLED and founders of Convoy and Bazaar also participated in the round.

This is 20 VC and Buckley Ventures’ second lead investment in Pakistan in recent weeks following $85 million round in e-commerce startup Airlift.

Salman Gul, co-founder and CEO of BridgeLinx, said, “With logistics averaging at 10% of GDP globally, deploying technology to optimize and create visibility across global supply chains is a trillion-dollar opportunity. At BridgeLinx, we are on a mission to redefine the way in which businesses manage supply chains – from procurement and shipping to warehousing and distribution. Our journey starts with road freight in Pakistan, and the talent-dense team we are building is incredibly privileged to be backed by some of the best investors from around the world.”

Harry Stebbings of 20VC, commented in a statement, “For me, the best investments combine incredible, category-defining entrepreneurs with macro headwinds. BridgeLinx is just that – a team of phenomenal entrepreneurs operating in a space with limitless potential.”

“BridgeLinx has cracked the code for making end-to-end freight work in a hassle-free manner and therefore signed up some of the top businesses in Pakistan,” Aatif Awan, managing partner at Indus Valley Capital, said in a statement.

“We believe this team is well on its way to bringing unprecedented efficiencies to the country’s economy and are really excited to partner with them.”

Founded in late 2020 by Muhammad Saad, Ahsan Tanveer, Abbas Hassan, and Salman Gul, BridgeLinx helps businesses, mainly large manufacturers and retailers, move freight by connecting them with truckers and transporters through its online marketplace.

The startup claims that “More than a fifth of Pakistan’s top 100 exporters actively use BridgeLinx to move freight.”

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