Trella, a Cairo-based trucking marketplace, said today that it has received $42 million in a Series A round that includes both stock and debt. The transaction consists of a $30 million equity investment and a $12 million loan financing component. Maersk Growth, the corporate venturing arm of one of the world’s largest shipping and logistics companies, and Saudi-based Raed Ventures led the equity portion of the deal. In addition to Algebra Ventures, Vision Ventures, Next Billion Ventures, VentureSouq, Foundation Ventures, and Flexport, the agreement included Algebra Ventures, Vision Ventures, Next Billion Ventures, VentureSouq, Foundation Ventures, and Flexport. Lendable and a few other financial companies provided debt financing.
“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,” Omar Hagrass, the CEO of Trella, said.
Trella intends to spend the new money in its technology and product development in order to drive growth and’maintain’ its position as the regional market leader.
Why The Investors Invested
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“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,” Omar Almajdouie, Founding Partner of Raed Ventures, said.
“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,” Jeppe Hoier, Partner at Maersk Growth, said.
Trella has become one of the best-funded companies in the region’s trucking industry, but it will continue to face competition from a number of startups across all of its regions, including Trukker, which has garnered around $45 million in equity and loan financing to far.
Investment in Trella was co-led by Raed Venture, which had previously invested in Dubai-based Trukker.
A Look At What The Startup Does
Trella began operations in Egypt in 2019 and now has offices in Egypt, Saudi Arabia, and Pakistan. The road freight industry in the Middle East, North Africa, and Pakistan — the sector Trella aims to dominate — is worth $50 billion, according to a statement. The company links shippers and carriers while also assisting both parties in overcoming obstacles. Shippers will find the platform to be a trustworthy choice with transparent and fair pricing for moving their products and tracking their shipments in real-time, while carriers (or truck drivers) will be able to increase their load utilization and efficiency by using it.
Coca-Cola, Maersk, Mondi, Henkel, Orascom, and Cemex are among the 350 shipping partners it presently has. The firm claimed in a statement that its platform is used by over 15,000 operators.
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Trella’s founders previously worked at Uber, Vezeeta, and OLX, where they created and expanded products and teams. Omar Hagrass, the company’s CEO, was a member of Uber’s EMEA growth team, COO Ali El Atrash was the Regional Head of Shared Rides for the Middle East and Africa, CTO Pierre Saad was a software architect at Vezeeta, and Muhammad El Garem worked in OLX’s business development. In all three regions, the business now employs over 100 employees, with ambitions to hire many more in the coming months.
Trella trucking Trella trucking
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer