Pakistan's road freight truck platform Truck It In has closed a $13 million seed round, the largest for a logistics startup in the Middle East, North Africa and Pakistan (MENAP). The early-stage funding was jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures. The latest seed round brings the total raised capital to $17.5 million, which will support the Karachi-based startup's plans to transform Pakistan’s road freight industry. The round also saw participation from Wamda, Picus Capital, Millville, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures, the company said in a statement. Muhammad Sarmad Farooq, CEO of Truck It In, said: “This seed round comes at an opportune time, as the funds 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." Most of the VC funds that backed Truck It In believes that the startup can play a crucial role in helping SME truckers to streamline operations and compete on a more level playing field while keeping costs competitive and serving as a vital lifeline for Pakistan’s thriving economy. Tito Costa, the partner at Global Founders Capital, said: “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace.” (Writing by Seban Scaria; editing by Daniel Luiz) (seban.scaria@lseg.com) Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. © ZAWYA 2022
