Naqla Raises $10.5M for Egyptian Logistics Platform
Egyptian trucking technology platform and marketplace Naqla raked in $10.5 million in a Pre-Series A fundraising round that it will use “to invest further in its commitment to advancing technology and digitization,” according to a company press release Monday (March 7).
El Sewedy Capital Holding, Hassan Allam Holding and the Sallam family led Naqla’s funding effort, per the release.
“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,” said Sherif Taher, co-founder and CEO of Naqla.
“This investment will enable rapid acceleration of our business and our planned vertical expansion into our new segments,” Taher said.
Naqla, which automates orders between shippers and drivers through its two main apps, is now in more than 35 regions and has overseen the movement and delivery of more than 4.6 million tons of cargo since its establishment in 2017. The company is working with more than 400 shippers and 10,500 drivers across Egypt.
“We’re thrilled to join Naqla on their journey towards a destination of completely changing the infrastructure of logistics in the region,” Farouk Kadous, board member at El Sewedy Capital, said in the announcement.
“We have tremendous expertise in the infrastructure space, and this investment will increase the synergies between our different portfolio companies,” Kadous said. “We love the leadership team at Naqla and are not just betting on the market size, but on their grit and vision.”
Late last month, Cairo, Egypt-based logistics provider Milezmore raised $5 million in pre-seed financing to double its staff, address challenges in the fragmented supply chain, enhance technology, expand storage, enlarge delivery capacity and scale cloud solutions.
Related: Milezmore Raises $5M in Pre-Seed Funding
Egyptian social commerce platform and distribution channel Brimore provided the fresh capital after investing $25 million in a Series A funding round earlier this year.