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Iliad Partners invests in the Series A financing round of TruKKer
The $23 million round is one of the largest Series A raises in the MENA region and aims to drive growth and expansion in Saudi Arabia and regionally.
Dubai, UAE; November 12, 2019 – Iliad Partners announced today that it has participated in the $23 million Series A funding round of TruKKer which was led by Saudi Technology Ventures (STV). Other participating investors included International Finance Corporation (IFC), Riyad Taqnia Fund (RTF), Oman Technology Fund (OTF), Shorooq Ventures, Endeavor Catalyst, Alturki Holding and MEVP.
Iliad Partners is an existing shareholder in TruKKer, initially investing in February 2019 as part of a convertible financing round which it had led. It has now followed on its investment in the Series A as one of the major investors.
Founded in 2016 in the UAE, TruKKer is a digital trucking platform that brings innovation to road freight with on-demand aggregation in real-time. It matches supply with demand connecting transporters with consumers and enterprises to provide convenient and cost-effective logistics services. TruKKer’s focus is primarily on road freight serving long haul cross-country, port movements and last mile deliveries of large and bulk cargo. It enables instant booking, real time demand and supply matching, digital price discovery, cargo tracking and digitization of land freight document processing. The platform has experienced rapid growth and currently operates across the GCC and Jordan with 15,000+ member trucks servicing more than 200 clients.
The Company will use the funding to grow the team, enhance the customer experience and strengthen its operating infrastructure across the road freight network in the region. TruKKer will continue its aggressive growth in Saudi Arabia, the UAE and the rest of the GCC and is also in the process of going live in Egypt and other countries in the region.
In a comment to Bloomberg, TruKKer Co-Founder and CEO Gaurav Biswas said, “The latest funding round will be instrumental as we target significant strengthening of our operations, infrastructure, expansion of our team and further enhancements to our technology and R&D”.
Christos Mastoras, Iliad Partners Founder & Managing Partner said, “We are very excited about our partnership with TruKKer. Iliad Partners will continue to support TruKKer’s expansion in the Saudi market and facilitate business development, strategic partnerships and commercial contracts with large corporates and family groups across the region in line with Iliad’s active, hands-on approach. In parallel, Iliad will leverage its Global Advisory Council and its recently announced South-South Venture Alliance (SSVA) partnership to source know-how and growth opportunities from international peers across emerging markets, while continuing to support across various priority areas for the business including recruitment, strategy and operations.”
About Iliad Partners
Iliad Partners is a venture capital firm focused on early stage investments in tech startups in the Middle East and North Africa (MENA). Based in Dubai, United Arab Emirates and with a presence in Riyadh, Saudi Arabia, Iliad invests in innovative companies with solutions localized for the MENA region and executed by strong founders and experienced teams. Initial focus included investments in “e-commerce enablement” in sectors such as logistics, transport and mobility, which has since expanded to encompass broader digitization themes and verticals including fintech, insurtech and proptech. As former entrepreneurs with a global perspective and operating experience, the Iliad team provides hands-on operational and business development support, and access to the Iliad regional and global network. Join our #epicjourney.
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