Maersk’s VC arm joins funding of Egyptian digital freight platform
Egyptian start-up Trella, a digital freight platform that connects truckers with shippers and freight loads, has raised $42m in a Series A funding round made up of $30m in equity and $12m in debt.
Maersk Growth, the venture capital arm of Danish shipping group, Maersk, and Saudi Arabian VC Raed Ventures led the equity segment of the funding round, while the debt facilities were provided by emerging markets specialist Lendable, together with other local financial institutions.
Cairo-based Trella was founded in 2019 and currently has operations across Egypt, Saudi Arabia and Pakistan. The company has more than 350 shippers on its mobile app, including Coca-Cola, Maersk, Mondi, Henkel, Orascom and Cemex, as well as more than 15,000 truckers.
Through the Trella app, shippers can directly book the transportation of freight loads and track these in real-time.
The company will use the $42m to invest in improved technology, launch two new products over the next 18 months, and expand its operations across the Middle East, North Africa and Pakistan.
Omar Hagrass, co-founder and chief executive of Trella, said: “We’re looking at 300 to 400% growth in 2021. But we’re holding back from growing further, it’s important to get the tech infrastructure right and in place so that once we’re ready to grow 1,000% year-on year, we have the tech foundation.”
Trella announced that it will seek additional funding rounds within the next two to three years to finance its expansion plans.
