Global law firm White & Case LLP has advised TruKKer, a Saudi-headquartered digital freight network, on its Series B equity and debt funding round.
"We have seen a flourish of deal activity in the logistics and transportation space following the pandemic and subsequent challenges facing the shipping and logistics industry, with new opportunities for disrupting the market driving innovative solutions," said White & Case partner Steven Worthington, who co-led the Firm's deal team. "The successful collaboration of our cross-border and cross-practice team on this deal demonstrates why clients entrust us with their most complex investment and funding transactions."
Established in 2016, TruKKer has become the largest digital freight platform in the Middle East and Central Asia region with a large enterprise consumer base across the UAE, Saudi Arabia, Egypt, Pakistan, Bahrain, Jordan, Oman and Turkey, and operating a fleet of more than 40,000 trucks.
The investors in the fundraising were ADQ, Abu Dhabi Developmental Holding Company and Riyadh-based venture capital fund STV, with participation from Mubadala Capital Ventures. Existing investors Riyad Taqnia Fund, backed by Public Investment Fund, and Shorooq Partners also took part in the funding round.
TruKKer also raised financing in venture debt from Mars Growth Capital, a Liquidity Group and MUFG joint venture fund.
TruKKer plans to use the capital injection to expand its presence in the Middle East and Central Asia through the launch of new products and features. It follows TruKKer's prior equity fundraising round in 2019, which was one of the largest Series A funding rounds in the region at the time.
The White & Case team that advised on the transaction was led by partners Steven Worthington (Abu Dhabi), Ali Shaikley and Claire Matheson Kirton (both Dubai), and included local partners William Watson (Dubai) and Alex Cullinan (Johannesburg), counsel Claudio Medeossi (Dubai) and associates Philip Vavalidis, Mikaela Nikolausson and Noren Bhulji (all Dubai) and Hugh Brunjes (Abu Dhabi).
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