Karachi-based trucking startup Truck It In has announced that it has raised a $13 million seed round, making it the largest startup raised in Pakistan to date.
Truck It In’s seed round was jointly led by venture capital firms Global Founders Capital (GCV) and Fatima Gobi Ventures (FGV). The seed round is the largest of its kind in the MENAP (Middle East, North Africa, and Pakistan) region.
The round also saw participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures.
The latest round brings the total raised capital by the company to $17.5m, which will support Truck It In’s mission to transform Pakistan’s road freight industry, the startup said in a statement.
“The funding will be deployed to expand our business, driving hiring across all functions, focusing on engineers to help double down on product development and increase our digital penetration in the market,” says CEO of Truck It In, Muhammad Sarmad Farooq.
Founded late in 2020 by Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid, Truck It In is focused on streamlining road freight for more than three million businesses in Pakistan. In a primarily offline market, truck freight is a highly fragmented industry with solo truckers relying on brokers or big contractors for the supply of loads against arbitrary commissions.
According to a statement from the startup, in the past year, their revenue grew 37x. “The impact generated allows truckers to lead better economic lives while serving the country,” said the statement.
Commenting on the round, Tito Costa, partner at Global Founders Capital, said, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honored to back them again to expand their coverage further and bring their solution to shippers and truckers across the country. ”