Trella, a business-to-business (B2B) Cairo-based digital freight marketplace has recently closed a funding round which is valued at $42 million and the company will use these funds to expand its operations in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP).
The funding was further broken into $30 million in new equity and $12 million in debt facilities. The company has over 350 shipper partners with brands such as Coca-Cola, Maersk, Mondi, Henkel, Orascom, and Cemex.
The 3-year-old startup mentioned that its primary goal is to digitise trucking and to offer a grade-A end-to-end solution to both shippers and carriers. The company will also work towards reducing costs by introducing a transparent pricing structure and eventually develop a marketplace that is more reliable.
Omar Hagrass, Chief Executive Officer of Trella told the media, “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. 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 funding round was headed by Maersk Growth and Raed Ventures. Other participants of the funding rounds included names like Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures, and Flexport.
Image credits- menabytes.com