Saudi-backed Trella closes $42mln funding round

The deal involved $30mln in new equity and $12mln of debt facilities

  
An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany
 
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.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Alternative Investments