Egypt’s Trella has raised $42 million in a Series A funding round comprised of equity and debt. The round includes $12 million as debt financing and $30 million in equity investment.
Investors who took part in the equity part of the round were Maersk Growth, Algebra Ventures, Raed Ventures, Next Billion Ventures, Vision Ventures, Foundation Ventures, VentureSouq, and Flexport. Lendable and other financial institutions will provide debt financing.
The firm says it will use the funding to invest in tech and product development so as to fuel growth.
This funding round makes Trella one of the best-funded companies in the trucking space of the region, even though it continues to face competition from other startups such as Trukker, which has, to date, raised about $45 million in equity and debt financing.
Started in 2019, Trella currently has a presence in Egypt, Saudi Arabia, and Pakistan. It currently has 350 shipping partners, which include brands like Maersk, Coca-Cola, Mondi, Orascom, Henkel, and Cemex.
The startup connects shippers to carriers. The platform serves as a reliable option for shippers to move their goods and track their shipments in real-time. On the other hand, carriers (or truck drivers) can improve their load utilization and efficiency by using the platform.
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