Egyptian trucking Company Trella Secure $42m Funding to Boost Expansion
Egyptian logistics company, Trella, has raised US$42 million in Series A funding, with US$30 million in equity and US$12 million in lending facilities, to boost the expansion of its Cairo-based digital trucking marketplace across the Middle East, North Africa, Afghanistan, and Pakistan (the MENAP region).
“This US$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,” said Omar Hagrass, chief executive officer (CEO) of Trella.
Founded in 2018, Trella is a B2B technology platform and trucking marketplace connecting shippers with carriers in real-time, and has over 350 shipper partners including blue-chip brands such as Coca-Cola, Maersk, Mondi, Henkel, Orascom and Cemex.
Trella was founded in 2018 and connects shippers with carriers in real-time and has over 350 shipper partners, including blue-chip companies like Coca-Cola, Maersk, Mondi, Henkel, Orascom, and Cemex.
The business has had quite an eventful journey, from participating in the Y Combinator accelerator programme to acquiring a local competitor, and expanded into Saudi Arabia and Pakistan. After securing US$42 million in a Series A round of equity and debt financing, it is now focusing on considerably larger expansion in the MENAP region.
The funding was led by Maersk Growth, the corporate venture arm of global giant, A.P. Moller – Maersk, and Raed Ventures, a Saudi Arabian venture capital firm, headed the equity component. Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures, and Flexport are among the other investors. Lendable, a personal loan platform, and other local financial institutions also participated in the funding.
Trella will use the proceeds to expand its technological capacity and product development in order to fuel growth, accelerate the company’s path to lower freight costs and maintain its position as the market leader in MENAP, where the road freight market is worth an estimated US$50 billion.
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