Saudi-backed Trella closes $42mln funding round

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DUBAI: Trella, the region’s fastest growing digital freight marketplace, has completed a $42 million funding round.

The deal involved $30 million in new equity and $12 million of debt facilities, the company said in a statement.

The equity element was led by Maersk Growth — the corporate venture arm of global multinational A.P. Moller – Maersk, and Raed Ventures — a Saudi Arabian Venture Capital firm.

“Trella’s product innovation has enabled them to grow significantly in the past year despite the tough operating environment,” said Omar Almajdouie, founding partner of Raed VC.

Other investors include Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures and Flexport.

The debt facilities are being provided by Lendable and other local financial institutions.

Trella is a technology platform for the region’s $50 billion trucking industry and operates in Egypt, Saudi Arabia and Pakistan.

Proceeds from the funding round will be used by Trella to invest in tech capacity and product development, it said.

The company, which has a management team that includes former Uber executives, currently works with more than 350 shipper partners that include Coca-Cola, Maersk, Mondi, Henkel, Orascom and Cemex. It also has more than 15,000 carrier partners.

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