Truck It In, a Karachi-based tech startup that aims at making freight movement efficient and improving the lives of truckers, has raised $1.5 million in a pre-seed round led by Global Founders Capital.
This is the one of the largest pre-seed investments raised by a startup in the Middle East, North Africa and Pakistan region.
The digital freight firm announced the development on twitter, saying: “Pakistan’s @TRUCK_IT_IN raises $1.5 million, the largest pre-seed investment round in MENAP for a trucking start-up”.
Pakistan's @TRUCK_IT_IN raises $1.5 million, the largest pre-seed investment round in MENAP for a trucking start-up.#startupPakistan #FDI #CPEC #Jobs #GDPgrowth #economy pic.twitter.com/9rPvDxK7nA
— Truck It In (@TRUCK_IT_IN) April 13, 2021
Fatima Gobi Ventures, Deosai Ventures, BitRate Venture Capital, +92 Ventures, angel investors including founders of London-based autonomous driving startup Wayve, and some members of Careem’s leadership also participated in the pre-seed round.
The startup was launched in August 2020 connecting shippers and truckers through its digital platform. The company generates income by taking a cut from every completed trip.
Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid are the founders of the startup. Before pioneering it they were associated with Careem where they developed various categories and functions.
Truck It In is currently providing services in Karachi, Lahore, Islamabad, and Faisalabad. Shippers can book various kinds of vehicles for transporting their consignments across the country through this platform.
Muhammad Sarmad Farooq, the co-founder and CEO of the compnay, in a statement, said, “The current middlemen heavy industry relies on traditional calling and mental notes to match truckers with shippers. We are going to solve the supply chain inefficiencies in a $25 billion market, that is growing faster than its regional peers, to help unlock more than $1 Billion for Pakistani businesses.”
Trucking has become a new attraction for startups in Pakistan, with different regional businessmen investing in it.
Read more: https://pakobserver.net/secp-enables-startups-to-offer-employee-stock-options-plan/
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