Egyptian Digital Trucking Platform Naqla Raises $10.5m Pre-series A
Naqla, Egypt’s trucking technology platform and marketplace, has secured $10.5 million in a pre-Series A financing. El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH), and the Sallam Family led the round.
“We are now perfectly positioned to grow our digital logistics offering and market presence, bringing a much-needed technology infrastructure to the badly served Egyptian logistics and trucking industry, at a critical time in the country’s economic growth. We thank our investors for their part on the Naqla journey — this investment will enable rapid acceleration of our business and our planned vertical expansion into our new segments,” Sherif Taher, Co-Founder and Chief Executive Officer of Naqla, commenting on the fundraising, said.
Why The Investors Invested
The startup has generated considerable traction since it was founded. Since its formation in 2017, Naqla has grown rapidly into 35+ operational zones, supervising the transportation and delivery of over 4.6 million tonnes of goods. It presently works with over 400 shippers and 10,500 drivers across Egypt. Founders Sherif Taher and Samer Sallam have also grown the company to 165 employees spread across all major country locations, while integrating multiple strands of technology and instant pricing to provide an exceptional first-class consumer experience for both shippers and truckers.
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“We’re thrilled to join Naqla on their journey towards a destination of completely changing the infrastructure of logistics in the region. We have tremendous expertise in the infrastructure space, and this investment will increase the synergies between our different portfolio companies. We love the leadership team at Naqla and are not just betting on the market size, but on their grit and vision,” Farouk Kadous, Board Member at El Sewedy Capital, said.
The profits of this investment will be used to strengthen Naqla’s commitment to technology advancement and digitization, preparing the company for growth and development in 2022.
A Look At What The Startup Does
Naqla is a trucking technology platform and marketplace founded in 2017 by Sherif Taher and Samer Sallam. It connects truck owners with cargo firms.
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Naqla’s primary objective is to modernize and extend Egypt’s supply chain through technology by automating the exchange of orders between shippers and drivers via its two primary apps.
Naqla’s business strategy targets Egypt’s hitherto underserved road freight industry, which has grown in importance since the onset of supply-side constraints caused by Covid. Businesses are constantly looking for ways to improve inland transportation efficiency from Egypt’s major entry and exit ports in order to sustain the flow of commodities through their supply chains.
The fast growth of Egypt’s construction and consumer goods industries has increased demand for trucking, with the sector now employing 2% of the workforce or 3–4% of GDP — $13 billion in Egypt and $45 billion across the Mena region. Many of Egypt’s 1.5 million trucks are operated by independent drivers, whom Naqla hopes to integrate into its Carrier ecosystem, which includes road assistance, financing, insurance, health care, and maintenance.
Naqla trucking Naqla 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