Truck It In, a road freight tech platform located in Karachi said on Tuesday that it has received an additional $3 million in an extended pre-seed round, bringing the total amount collected to $4.5 million, which it will use to modernize Pakistan’s logistics sector.
According to the startup’s press release, it was the “biggest pre-seed investment in the regional transportation market.”
According to the press release, the funds will be utilized to grow Truck It In across the country and make it the largest transportation platform in Pakistan.
As per Mohammad Sarmad Farooq:
Mohammad Sarmad Farooq, the company’s co-founder, and CEO stated, “We’re in the very early stages of transforming a crucial sector and hope to assist over three million firms save $1 billion yearly in supply chain inefficiencies.”
He went on to say that the company’s long-term goal was to “streamline and automate the country’s logistics industry in order to have a rippling impact on the economy.”
Worldwide Founders Capital, a global seed and growth investor, led the investment, together with Fatima Gobi Ventures, one of Asia’s most active multi-national venture capital companies. According to the press release, they had also led the previous round.
Picus Capital, an early-stage technology investment firm and Zayn Capital also participated in this round.
“Truck It In has collaborated with strategic investors who are assisting it in tapping into their local supply chains as well as utilizing their area connections for the next development phase,” the business stated in a news statement.
Truck It In, which began operations in 2020, disclosed a $1.5 million pre-seed fundraising round in April.
“This opportunity represents 10% of Pakistan’s GDP, and the firm aspires to be the nexus of road freight in the nation, assisting businesses in scaling while improving the lives of its drivers,” it stated at the time.
“We are going to tackle supply chain inefficiencies in a $25 billion industry that is expanding faster than its regional counterparts to help liberate more than $1 billion for Pakistani firms,” it said in the statement.
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