Saudi Arabian venture capital firm Raed Ventures and Maersk Growth, the corporate venture arm of container logistics company A.P. Moller-Maersk, have jointly led a $42 million investment into Egyptian digital freight marketplace Trella.
The total investment included $30 million by way of equity infusion and the remainder via debt.
Apart from Maersk and Raed, a bunch of investors focussed on the Middle East and North Africa (MENA) region also pitched in with the equity infusion. These included Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures and Flexport.
Lendable, a lending platform, and other financial institutions provided the debt facilities to Trella.
Jeppe Hoier, partner at Maersk Growth, said Trella is the first investment by the firm on the African continent.
Cairo-based Trella had earlier raised an undisclosed amount from Vision Ventures in a pre-series A investment round in May last year.
The startup was founded in 2018 by Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem.
Trella is a technology platform ‘reinventing trucking’ across emerging markets. It has a presence in three countries—its home market of Egypt as well as Saudi Arabia and Pakistan, where it commenced operations in December 2020.
Trella is at least the second digital trucking platform present in the MENA region to have raised money this month. Earlier this month, Trukkin, a UAE-based truck aggregator, had raised SAR26 million (about $7 million) in a Series A funding round led by Saudi Arabian venture capital firm Emkan Capital.