TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator Investcorp, a leading global alternative investment firm, today announced that Investcorp Saudi Pre-IPO Growth Fund LP led the Pre-IPO round in privately-held TruKKer Holding Limited, MENA’s largest digital freight network with a leading position across Saudi Arabia, the United Arab Emirates, Egypt and neighboring countries. Investcorp led the initial close of this round with $51 million investment alongside new and existing investors. Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp commented: “Saudi Arabia is increasingly rich in highly investible companies, from fast-growth technology businesses like TruKKer to long-established family businesses that have grown consistently and are now looking for capital to implement more ambitious expansion plans. We are seeing a lot of interest in pre-IPO rounds as scale-ups secure greater market share and more Saudi businesses prove themselves successful on a national and regional basis. TruKKer is just one example of the kind of company that we believe will prove attractive to institutional investors as the Saudi ecosystem matures, and our Pre-IPO fund will focus on exactly these kind of high growth businesses.” “We are excited to add TruKKer to our portfolio and are keen to work with the founders of this regional champion to explore a possible market listing, as a continuation of our strategy and in line with our track record” said Walid Majdalani, Head of Private Equity MENA and Southeast Asia at Investcorp. “Thanks to its proprietary technology, TruKKer is ideally positioned to continue its strong growth while reducing carbon emissions across its markets. We look forward to our partnership with TruKKer and contributing our strategic and capital markets resources as well as our local and global insights to accelerate the company’s next phase of growth.” This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3 years. The fund provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer. The United Arab Emirates and Saudi Arabia are key markets for TruKKer and represent a significant portion of the company’s revenues. The United Arab Emirates market has witnessed strong growth over the years in large part due to the development of UAE – KSA cross border lanes with over 30,000 annual shipments transported by TruKKer, a key value proposition as the company continues to focus on scaling its network and looking to gain market share. “TruKKer is at a key inflection point towards scaling its network and market share. Today, the company continues to grow exponentially serving over 700 B2B enterprise clients and is on track to cross $200 million in revenues in 2022. The TruKKer team is proud to be delivering on its vision of making a positive contribution to the community by having close to 10,000 drivers generating more than 70% of their monthly income on the TruKKer platform. Our technology also enables us to optimize truckloads to reduce empty miles and idle time thereby helping us achieve our sustainability objectives.” commented Gaurav Biswas, Founder & CEO of TruKKer. “We welcome Investcorp and are excited to partner with them through the next growth chapter of the company. Together with our partners we look forward to continuing to bolster the company and create significant shareholder returns with a focus on healthy unit economics” adds Gaurav. In 2008, Investcorp established a dedicated presence in Saudi Arabia, and TruKKer marks Investcorp’s eighth investment in the country, with multiple successful public listings on the Saudi Stock Exchange, including BinDawood Holdings, Theeb Rent A Car, Leejam Sports Company and L’Azurde.