Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, 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 UAE, Egypt and neighbouring countries.
Investcorp led the initial close of this round with a US$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. 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.
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 three 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.
"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 deliver 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 optimise truckloads to reduce empty miles and idle time, thereby helping us achieve our sustainability objectives," commented Gaurav Biswas, Founder and CEO of TruKKer.
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