TruKKer, a Saudi Arabia-based digital freight network in the MENA region has raised $100 million in its pre-IPO round led by Investcorp which contributed $51 million to the round, alongside new and existing investors.
- This investment comes from Investcorp Saudi pre-IPO Growth Fund LP, a recently launched fund targeting equity growth capital investments across Saudi-based companies with the potential to access capital markets in three years. The fund focuses on business services, transport and logistics, healthcare and consumer and enables strategic investors to gain exposure to these businesses and subsectors.
- Founded in 2016, TruKKer is a digital logistics startup that uses cloud-based freight solutions to provide end-to-end and full-service portfolios to shippers, carriers, and businesses. It uses its AI-driven platform, data points, and technology stack to organize on-road logistics for businesses.
- The freight platform is growing in the UAE and KSA areas and has more than 30,000 annual shipment records, it claims. The United Arab Emirates and Saudi Arabia form the bulk of the revenues for TruKKer and it aims to scale and gain more market share going forward.
- It currently has 700+ B2B enterprise clients on its platform, networks in 8 countries, 400 thousand bookings, and a 40,000 drivers network. It looks to cross $200 million in revenues by the end of 2022. It is also increasing its sustainability by cutting down idle time and empty miles by optimizing its truckloads.