Egypt’s digital freight marketplace Naqla raises $ 10.5mln

Egypt’s digital freight marketplace Naqla raises $ 10.5mln

PHOTO

Naqla, a Cairo-based startup that links truck owners with cargo firms, has raised $10.5 million in a Pre-Series A round led by El-Sewedy Capital Holding, Hassan Allam Holding and Sallam Family.

With its two main apps, the company seeks to automate orders between shippers and drivers through its two main apps.

Naqla has witnessed a rapid growth into more than 35 zones and oversaw the delivery of over 4.6 million tons of cargo since its inception, according to the company’s website. So far, it has secured more than 500 shippers and 10,500 drivers nationwide.

Naqla founders say that they will use the new funds to for digitalization, advanced technologies and for further growth in 2022, according to a statement released to the media.

“This investment will enable rapid acceleration of our business and our planned vertical expansion into our new segments,” said Naqla Co-foudner and CEO Sherif Taher. “We are now perfectly positioned to grow our digital logistics offering and market presence, bringing a much-needed technology infrastructure to the badly served Egyptian logistics and trucking industry, at a critical time in the country’s economic growth.”

The Egyptian logistics and freight expenditure is expected to surpass $ 50 billion by 2024, according to a Mordor Intelligence