ADQ, STV invest in Saudi-based Uber-like service for trucks

ADQ, STV invest in Saudi-based Uber-like service for trucks

Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.

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The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company and other existing investors also participated in the fund raising.

TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.

TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.

China’s Full Truck Alliance, a company with a similar business model, raised $1.6 billion last year through a US initial public offering, giving it a valuation of around $20.6 billion.

“TruKKer will deploy the fresh funds to deepen its presence across all our existing markets and launch several new products and features,” said Amit Agarwal, TruKKer’s