Saudi digital logistics firm TruKKer draws Abu Dhabi majors Mubadala and ADQ in $96m funding round

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Saudi Arabia

Saudi digital logistics firm TruKKer draws Abu Dhabi majors Mubadala and ADQ in $96m funding round

Dubai: Abu Dhabi’s Mubadala Investment Co. and ADQ have taken a seat in the latest funding round from TruKKer, the Saudi digital freight operator. The latter has completed a Series B round and raised $96 million through a mix of debt and equity. ADQ holds some of Abu Dhabi’s biggest assets such as AD Ports Group and Kizad in its portfolio. The Series B equity funding round was led by ADQ and Riyadh-based venture capital fund STV along with the participation from Mubadala. Existing investors Riyad Taqnia Fund and Shorooq Partners and others also participated. The business has raised a $50 million 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. “Mubadala has been investing in the logitech space across the globe and we see significant opportunities in digitizing a large industry," said Mattia Fugazza, Head of MENA Ventures at Mubadala. " We are excited about TruKKer’s vision and what Gaurav and the management team are building: Mubadala’s experience and network in diverse industries will support TruKKer in growing and executing on its ambitions.” The deal follows a $23 million equity raise by