Sunday, April 21, 2024

Truck It In extends it’s pre-seed round to $4.5M to fuel their rapid expansion

Truck It In, a marketplace solving road freight inefficiencies in Pakistan, announces a $3 Million extension to its pre-seed round, taking the cumulative raise to over $4.5 Million in just over 4 months, making this the largest round for this stage in the trucking space.

The extension will power the national expansion of Truck It In as it is poised to become the largest trucking platform in Pakistan. The extended round was led by Global Founders Capital and Fatima Gobi Ventures again, reposing their confidence in the team and the opportunity. They have been joined by Picus Capital which is an early-stage technology investment firm and Zayn Capital. Previous pre-seed investors include Deosai Ventures, Zayn Capital and +92 Ventures. Truck It In has partnered with strategic investors that are helping it tap into their local supply chains and also leveraging their regional connections for the next growth phase.

“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. Our long term aim is to streamline and digitize the logistics sector to create a ripple effect across the economy,” said Muhammad Sarmad Farooq, CEO and Co-Founder at Truck It In.

“In only a few months since launch, we have seen an overwhelming market response to Truck It In’s offering,“ said Tito Costa, partner at Global Founders Capital. “We are honored to increase our commitment and support the team as they scale even faster to capture this opportunity in Pakistan.”

FGV’s General Partner, Ali Mukhtar, commenting on the follow-on investment, said “Our thesis has been well-placed in Truck It In’s team to streamline Pakistan’s legacy trucking sector and drive rapid growth in the business. We are confident in their ability to further scale across Pakistan and beyond.”

“We are excited to partner with the team of Truck It In which in our view is in a prime position to establish themselves as the leading trucking marketplace in Pakistan. Their vision of building a holistic value proposition for shippers and truckers is what stood out and finally convinced us to become active in the space,” said Florian Reichert, Partner and Managing Director at Picus Capital.

With this latest fund raise, Truck It In will expand its services and product features that will help scale to the next level. It is taking big strides towards achieving its vision to digitize the trucking industry and capture the market.

About Truck It In:

Truck It In is Pakistan’s fastest growing road freight tech platform servicing clients across Pakistan. The company started operations in 2020 and aims to unlock more than $1 billion for Pakistani businesses through its trucking platform.

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