Trella, an Egyptian trucking startup, has raised $42 million in equity and debt in a Series A round. The total figure raised in the round includes $30 million in equity investment and $12 million as debt financing.
The fund raising event was led by Maersk Growth – the corporate venture arm of the shipping and logistics company, Maersk; and Saudi Arabian-based company, Raed Ventures.
Other participants include Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures, and Flexport.
The start-up noted that the funds would be used to expand in the Gulf Arab region beyond Saudi Arabia over the next 6 – 9 months, as well as in East and West Africa over the next 12 months.
Trella also added that it would be hiring more staff to support its expansion, including for technical and product-related jobs in places like Pakistan and the United Arab Emirates (UAE).
Trella, which was co-founded by Omar Hegras, Ali Al-Atrash, Pierre Saad, and Mohamed Al-Garm in 2018, is a truck technology platform with operations covering the Egypt, Saudi Arabia, and Pakistan.
Commenting on the fundraising, co-founder and Chief Executive Officer (CEO), Omar Hegras said:
“This $42 million funding round is a huge endorsement of Trella’s capabilities, business model and market opportunity. We have a strong diversity of investors and we thank all participants for their support. It is great to have Maersk, as a shipper customer that uses Trella, invested in our future growth. The MENAP freight market is a significant one and urgently needs the transparency, reliability, and efficiency that Trella and its technology platform provides. We are trusted and used by some of the world’s most recognizable brands, and look forward to working with our partners to scale across MENAP.”
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Partner at Maersk Growth, Jeppe Hoier, also commented thus:
“We are currently experiencing a rapid development in trucking, as transportation of goods has become accessible to even the smallest companies due to new digital solutions. Trella’s platform is an excellent example of this democratization of the logistics sector. Trella is at the same time our first investment on the African continent founded by a team with significant experience from the start-up scene.”
Founding Partner of Raed Ventures, Omar Almajdouie, said:
“Our unwavering belief in the founders coupled with the booming freight sector made the opportunity to lead Trella’s investment round very exciting. Trella’s product innovation has enabled them to grow significantly in the past year despite the tough operating environment. This is a testament to their resilient business model and strong team. We are excited to support the team in their growth journey.”