Saudi’s Trukker raises $96m in equity, debt funding

Saudi’s Trukker raises $96m in equity, debt funding

Saudi-headquartered freight network, Trukker, has completed a $96m funding round, it announced on February 14. The funding round consists of Series B equity and debt funding, with the former led by ADQ, an Abu Dhabi-based investment and holding company, and Riyadh-based venture capital fund STV along with Mubadala Investment Company. Existing investors Riyad Taqnia Fund and Shorooq Partners and others also participated in the round. The business has raised a $50m venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund and San Francisco-based Partners for Growth (PFG) backed by the Silicon Valley Bank. The latest funding round follows a $23m equity raise by TruKKer in 2019. Since its inception in the B2B space in 2018, TruKKer now has a fleet of over 40,000 trucks and more than 700 enterprise customers across eight countries. “TruKKer’s growth has been exponential, both in our home markets of Saudi Arabia and the UAE, and in new markets across North Africa and Central Asia,” said Gaurav Biswas, founder and CEO, TruKKer. “We are constantly improvising on our launch playbook that allows us to rapidly launch new markets followed by scaling our offering in them. At the same time, the core market