Saudi's Trukker raises $96m in equity, debt funding
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Saudi’s Trukker raises $96m in equity, debt funding

Saudi’s Trukker raises $96m in equity, debt funding

The deal follows a $23m equity raise in 2019

Saudi-headquartered freight network, Trukker, has completed a $96m funding round, it announced on February 14.

The funding round consists of Series B equity and debt funding, with the former led by Abu Dhabi-based investment company ADQ and Riyadh-based venture capital fund STV, along with Mubadala Investment Company.

Existing investors Riyad Taqnia Fund and Shorooq Partners and others also participated in the round.

The business has raised a $50m venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund and San Francisco-based Partners for Growth (PFG) backed by the Silicon Valley Bank.

The latest funding round follows a $23m equity raise by Trukker in 2019.

Read: UAE-based Trukker seeks new funding, weighs IPO

Currently, Trukker has a fleet of over 40,000 trucks and more than 700 enterprise customers across eight countries.

“Trukker’s growth has been exponential, both in our home markets of Saudi Arabia and the 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 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.”

Other investors in Trukker include PIF-backed Riyad Taqnia Fund, IFC (World Bank Group), Shorooq Partners, Endeavor Catalyst Fund, Oman Technology Fund, MEVP, Iliad Partners, and 500 Startups, among others.

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