🇵🇰 logistics startup hauls in $13m in seed money

Truck It In, a Pakistan-based logistics startup, has raised US$13 million in a seed round led by Global Founders Capital and Fatima Gobi Ventures.

Investors including Wamda, Picus Capital, and Millville also took part in the round. 

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

Founded in late 2020 by former Careem executives Haider Navid and Muhammad Sarmad Farooq, Truck It In focuses on streamlining road freight for over 3 million businesses in Pakistan by connecting them directly with the fragmented trucking market.

The company also provides its customers with live tracking, insights, and analytics for shipping. “Small and medium-sized enterprises are reliant on mental notes and telephone calls to run their businesses,” the company said in a statement.

Over the last two decades, Pakistan has laid emphasis on developing hard infrastructure to facilitate the flow of goods and ease access to markets. The company is set to capitalize on a US$35 billion opportunity in the country’s freight and logistics sector.

Truck It In said that over the past year, it grew revenues by 37x, expanded into over 100 trade lanes, and hired 200 employees.

See also: Series SEA: Who’s investing in the region’s logistics and transportation startups?

It will use the fresh funds to expand its business, make new hires across all functions, ramp up product development, and expand its digital market. 

In September 2021, the company raised US$3 million in its pre-seed extension round led by Global Founders Capital and Fatima Gobi Ventures to bolster its expansion in Pakistan. Truck It In has raised a total of US$17.5 million in funding to date.

Other investors in its seed round include:

• Graph Ventures
• Zayn Capital
• i2i Ventures
• ADB Ventures
• Cianna Capital
• Reflect Ventures
• K3 Ventures