Ex-Careem execs’ startup lands the largest pre-seed round in MENAP trucking space

Pakistan-based logistics tech platform Truck It In announced it has raised US$1.5 million in its pre-seed round led by Global Founders Capital and Fatima Gobi Ventures.

Truck It In claims it is the largest pre-seed round of funding in the Middle Eastern, North African, and Pakistani (MENAP) region’s trucking space.

The Truck It In team/ Photo credit: Truck It In

Investors including Deosai Ventures, BitRate VC, +92 Ventures, founders of autonomous driving firm Wayve, and senior executives from ride-hailing firm Careem also participated in the funding round.

Funds raised from the financing round will be used to solve supply chain issues and digitize road freight in Pakistan.

Founded in late 2020 by former Careem executives, Truck It In focuses on streamlining road freight for over 3 million businesses in Pakistan by connecting them directly with the fragmented trucking market. It also provides its customers with live tracking, insights, and analytics for shipping.

“The current middlemen-heavy industry relies on traditional [methods of making calls] and [making] mental notes to match truckers with shippers,” said Truck It In CEO Muhammad Sarmad Farooq. “We are going to solve the supply chain inefficiencies in a US$25 billion market that is growing faster than its regional peers to help unlock more than US$1 billion for Pakistani businesses.”

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The development also comes amid strong growth in the road transport sector in Pakistan, which is considered to be “highly lucrative” with profit margins ranging from 21% for large trucks to 43% for three-wheeler rikshaws, according to a report by Pakistan-based AASA Consulting.

“There is an opportunity to transform the industry by driving efficiencies and cost savings through technology, and Truck It In has the perfect team to execute it,” said Tito Costa, partner at Traveloka-backer Global Founders Capital.

Truck It In’s management team consists of Farooq, who was the head of expansion at Careem Food, Raza Afzal, the former vice president of growth at Bykea, and Haider Navid, a strategy and operations expert who has worked with Unilever and Careem.