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KARACHI: Truck It In, a Karachi-based marketplace providing online trucking solutions, on Tuesday announced a $3 million extension to close the “largest pre-seed round for the world trucking industry” at $4.5 million.
The extended round was led by Global Founders Capital (GFC) and Fatima Gobi Ventures (FGVs), joined by Germany-based Picus Capital, an early-stage technology investment firm, and a Pakistani firm, Zayn Capital. Previous pre-seed investors included Deosai Ventures, Zayn Capital and +92 Ventures.
Truck It In, which connects shippers and truckers online, has achieved the feat in just over four months since its inception.
“We have extended the round considerably and this is now the largest pre-seed round for this industry in the world,” Raza Afzal, the co-founder of Truck It In, told Arab News.
The startup has partnered with strategic investors that are helping it tap into their local supply chains and leverage their regional connections for the next growth phase.
“We have been blessed to be joined by top regional and international strategic investors, who have experience of building similar companies, have strong financial muscle, and are leading supply chain heavy conglomerates in Pakistan,” Afzal said.
The startup is providing solutions to supply chain challenges faced by Pakistani businesses and helping them save up on operational costs.
“We’re at the very early stages of transforming a critical industry and aim to help over 3 million businesses save $1 billion annually in supply chain inefficiencies,” Muhammad Sarmad Farooq, the chief executive officer and co-founder of Truck It In, said in a statement on Tuesday.
“Our long-term aim is to streamline and digitize the logistics sector to create a ripple effect across the economy.”
The company says fresh funds will be utilized to expand its services and product features that will help it reach the next level.
“In only a few months since launch, we have seen an overwhelming market response to Truck It In’s offering,” said Tito Costa, a partner at Global Founders Capital.
In recent months, Pakistan’s startup landscape has witnessed a huge rush of investment, mainly coming from global fund providers.
Around $200 million have been invested in Pakistani startups in 2021 and the amount is expected to cross over $300 million by the end of the year as these ventures continue to gain global attention, according to various capital fund observers.