The 3-year old startup is committed to digitizing trucking and offering a grade-A end-to-end solutions to both shippers and carriers
Egyptian digital freight/trucking marketplace, Trella, has recently closed a funding round valued at $42 million, broken into $30 million in new equity and $12 million in debt facilities.
The 3-year old startup states it is committed to digitizing trucking and offering a grade-A end-to-end solutions to both shippers and carriers though reducing costs, introducing a transparent pricing structure, and a marketplace with a more reliable source of carriers.
“The MENAP freight market is a significant one and urgently needs the transparency, reliability and efficiency that Trella and its technology platform provides,” said Omar Hagrass, Chief Executive Officer of Trella.
“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,” he added.
The funding round was was led by Maersk Growth and Raed Ventures. Other participating investors include Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures and Flexport.
The $12 million in debt facilities will be provided by Lendable, a next-gen lending platform and other local financial institutions.
“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,” added Hagrass.
Speaking of Maersk, Partner at Maersk Growth Jeppe Hoier called the platform “an excellent example of this democratization of the logistics sector”.
Trella was the company’s first investment on the African continent, he added, noting that “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”.
The freight marketplace currently works in Egypt, Saudi Arabia, and Pakistan.