October 1, 2022

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Mideast Uber-like service for trucks TruKKer raises $100m in Series C funding

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DUBAI, Sept 7 (Reuters) – Saudi Arabia-based TruKKer, which offers Uber-like services for transportation by truck in the Middle East and elsewhere, said on Wednesday it had raised $100 million in a third round of fundraising from investors.

The Series C funding would be used to expand into new and existing markets to accelerate growth before its planned float, TruKKer said in a statement.

The investments were led by Bahrain-based asset manager Investcorp, with participation from Saudi Arabia-based Riyad Valley Capital, Egypt’s Reliance Group, Iraq-based conglomerate March Holding and Abu Dhabi wealth fund Mubadala Investment Co. Mubadala’s investment was its second in TruKKer.

TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to move goods. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.

China’s Full Truck Alliance, a company with a similar business model, raised $1.6 billion last year through a U.S initial public offering, giving it a valuation of around $20.6 billion.

TruKKer in 2019 raised $23 million in its Series A funding round, which was one of the largest funding rounds in its category in the region at the time.

In February this year, it raised just under $100 million through Series B equity led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures.

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