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ADQ, STV invest in Saudi-based Uber-like service for trucks

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Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.

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The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company and other existing investors also participated in the fund raising.

TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.

TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. 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 US initial public offering, giving it a valuation of around $20.6 billion.

“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 and a former investment banker.

Faced with deal fees in the Gulf region a fraction of those in markets elsewhere, many bankers are handing in their notices, attracted by the lure of cashing out, stock options and share grants at startups.

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. The investment was led by STV, which previously invested in Mideast ride-hailing firm Careem, that was acquired by Uber Technologies for $3.1 billion.

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