Truckistan, the Pakistan-based tech-enabled LTL company, announced its successful seed fundraising round.
The final amount is close to $1 million with some late-stage participants in the process of finalizing their commitments.
Truckistan Technologies is a tech-enabled less-than-truckload (LTL) company with current operations based in Pakistan. LTL shipping takes place when B2B shippers want to ship goods by truck, but don’t have enough cargo to fill a full truckload.
Truckistan has been operational since the start of the year and already boasts some of the top fashion retailers, pharmaceuticals, FMCGs and last-mile logistics companies as its clientele. The company’s mission is to reduce the inefficiencies existing in the LTL sector while improving the service quality and carbon footprint of its customers.
Truckay Technologies, the Holdco and the SAAS arm of the group provide tech solutions to international and local companies engaged in multiple deliveries per truck (including LTL operators, B2B retail servicing companies and the like).
The funding round has garnered support from an impressive roster of investors including Reflect Ventures, Orbit Startups (SOSV), Mentor’s Fund, Sarmayacar, SAI ventures, Loyal VC, Five Rivers Ventures and many distinguished angels (Carlos Cashman, Siddhartha Kongara, Amir Husain, Syed Sheharyar Ali, Abbas Yousafzai, Umair Khan, Yasser Bashir, Ali Zain, Arslan Choudhry, Javad Mushtaq and Sheharyar Ahmed).
“We are proud to be an early backer of Truckistan Technologies, the team has never failed to surprise us by performing better time and time again. We are strong believers in the Pakistani opportunity and are excited to back amazing entrepreneurs like Abid and Zafar who are building scalable global solutions”, said Michel Friedman, Founding Partner at Reflect Ventures.
“Truckistan is that rare combination of a strong team, sizable market opportunity, and a business model validated by early traction, that all early-stage investors seek. By focusing on the LTL (less than truckload) segment with its higher gross margins, Truckistan has the potential to scale in a highly capital-efficient way. Mentors Fund is therefore excited to back Truckistan and join hands with a celebrated tech entrepreneur in Zafar Khan and an accomplished logistics veteran in Abid Butt”, said Umair Khan, General Partner at Mentors Fund.
The company is co-founded by Abid Butt and Zafar Khan, both industry veterans with over 25 years of experience in logistics and technology and a few exits under their belt.
“Our technological advantage has allowed us to establish a significant cost benefit over competitors and enabled us to offer a better service to our customers. This round of investment will further fuel our growth and refine our services,” commented Abid Butt, CEO of Truckistan Technologies.