Saudi Arabia’s Trukker hauls in $96 mn; Redbox, Yallamarket get early cheques

 Saudi Arabia’s Trukker hauls in $96 mn; Redbox, Yallamarket get early cheques

Trukker, a Saudi Arabia-based marketplace for truckers, has raised $96 million in a Series B funding round from a bunch of investors including Abu Dhabi sovereign wealth funds ADQ and Mubadala Investment Company.

Other investors who joined the round include Riyadh-based Saudi Technology Ventures (STV), Riyad Capital, International Finance Corporation, Shorooq Partners, Oman Technology Fund, Middle East Venture Partners (MEVP), Endeavor, 500 Startups, Arzan Venture Capital and Khwarizmi Ventures

Trukker said the Series B round included $50 million in venture debt infusion from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group, and San Francisco-based Partners for Growth.

The company runs an online marketplace that connects transporters with consumers and businesses that need logistics services. It operates more than 40,000 trucks across the Middle East and North Africa and the Central Asian region.

“Trukker will deploy the fresh funds to deepen its presence across all our existing markets and launch several new products and features,” said Amit Agarwal, Trukker’s chief financial officer.

RedBox

Saudi Arabia-based logistics startup RedBox has raised SAR11.5 million ($3 million) in a seed round led by Vision Ventures with participation from RAF Investments and angel investors.

Founded in 2019 by Thamer Altuwaiyan and Zun Phan, Redbox operates a network of 170 smart lockers in Saudi Arabia and serves more than 9,000 e-commerce businesses.

The startup said it plans to use the funding to reach 300 smart lockers by the end of June and 800 smart lockers by the end of 2022 as demand for online shopping rises in the kingdom.

YallaMarket

The UAE-based quick-commerce startup YallaMarket has raised $2.2 million in a bridge round from Doha Tech Angels, Flyer One Ventures and AngelsDeck.

This investment follows a $2.3 million pre-seed round led by Wamda and Dubai Angel Investors in November 2021.

Founded in 2021 by Leo Dovbenko and Stas Seleznev, YallaMarket delivers groceries and other goods of daily demand to customers within 15 minutes through dark stores across Dubai.

The company will use the funding to expand its presence by opening new dark stores in Dubai and other Gulf countries.

Aman Malik

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