Wednesday, February 21, 2024

Bridgelinx, A Pakistani Startup, Has Raised $10 Million

BridgeLinx, a digital freight marketplace based in Lahore, revealed today that it has secured $10 million in the country’s largest seed round. Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital led the deal, which is also one of the region’s largest seed rounds.

Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, Untitled, and some of Pakistan’s leading business groupings, including Maple Leaf Capital, participated in the sale, which was over twice oversubscribed, according to the startup. Several angel investors participated in the round, including the creators of Convoy (a US-based freight network) and Bazaar (a Pakistani B2B marketplace).

BridgeLinx is an online marketplace that connects businesses with carriers (truckers, owner-operators, transporters, and private fleets) to assist them transfer freight. It was founded in late 2020 by Muhammad Saad, Ahsan Tanveer, Abbas Hassan, and Salman Gul. The firm, which launched nine months ago, claims to have onboarded thousands of carriers who are moving thousands of cargo per week for some of Pakistan’s top shippers.

Starting with matching and ending with payments, the platform provides an end-to-end solution for load execution. Businesses can use the BridgeLinx smartphone app to book a variety of vehicles to transport their cargo. BridgeLinx claims on its website that its scheduling and routing technology links them with the most reliable, cost-effective, and efficient transport partner, and that clients can trace their shipments in real time in the app. All shipment-related documentation are also accessible through the site.

In Pakistan’s trucking industry, there are a number of well-funded international and local startups. BridgeLinx stated in a statement that with this seed round, it has become the best-capitalized freight marketplace in the country. Some regional players that have entered Pakistan in the last eighteen months have raised more money, but they’re putting it to work in a variety of areas.

The money will be used to “consolidate its position as a market leader by broadening its product stack and growing across more verticals, segments, and lanes,” according to BridgeLinx.

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