Abu Dhabi Wealth Fund Duo Joins TruKKer’s Equity and Debt Round
(Bloomberg) -- TruKKer, a Middle Eastern startup focused on logistics in the land freight sector, raised $96 million in fresh financing from investors including Abu Dhabi wealth funds ADQ and Mubadala Investment Co.
ADQ and Riyadh-based Saudi Technology Ventures led the equity funding round with the participation of Mubadala. Existing investors including the Public Investment Fund-backed Riyad Taqnia Fund and Shorooq Partners also took part, according to a statement on Monday.
As part of the financing round, the company raised $50 million in venture debt from Mars Growth, a Liquidity Group and MUFG joint venture fund and San Francisco-based Partners for Growth, backed by the Silicon Valley Bank.
Saudi-headquartered TruKKer will use the money to expand in existing markets across the Middle East and Central Asia in addition to launching new products and features, according to the company’s chief financial officer, Amit Agarwal, a former Goldman Sachs Group Inc. banker.
TruKKer is active in eight countries and operates a fleet of around 40,000 trucks. The company previously raised $23 million in 2019, which at the time was one of the largest Series A funding rounds for the region.
“This is an opportune time to drive growth in the sector as the world focuses on digitization and technology like never before,” said Amer Al Ameri, head of venture capital & technology investments at ADQ.
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