ADQ and STV invest in a mideast Uber-like vehicle service

ADQ and STV invest in a mideast Uber-like vehicle service ...

DUBAI, February 14, - TruKKer, a Saudi Arabia-based business that offers Uber-like services for truck drivers in the Middle East and elsewhere, said on Monday that it raised just under $100 million through Series B equity and a debt financing round.

Saudi Technology Ventures, an Abu Dhabi state holding company, led the investments, while Mubadala Investment Company (MUDEV.UL) and other existing investors also participated in the fund raising.

TruKKer said it raised $50 million in venture debt from Mars Growth, a joint venture venture fund between Liquidity Group and Mitsubishi Group (MUFG) and Partners for Growth in San Francisco.

TruKKer is an online marketplace that ties transporters to consumers and businesses to provide logistics services. The company operates in the Middle East, North Africa, and Central Asia, with a network of over 40,000 trucks.

Full Truck Alliance, a company with a similar business model, raised $1.6 billion last year through a public offering in the United States, giving it a valuation of $20.6 billion.

"TruKKer will invest more money in the company's current production.

Amit Agarwal, TruKKer's chief financial officer and former investment banker, has said that the company can expand on all of our existing markets.

Many banks are giving their notices, bolstered by the lure of cashing out, stock options, and share grants at startups.

Trukker raised $23 million in its Series A funding round, which was one of the largest in its category in the region at the time. STV, who previously invested in Mideast ride-hailing company Careem, was paid $3.1 billion by Uber Technologies.

You may also like: