Egyptian logistics platform Naqla raises $10.5 million
Naqla connects shippers and truckers with its tech platform, disrupting the $13 billion trucking and logistics industry
Naqla, Egypt's trucking technology platform and marketplace connecting truck owners with cargo companies, has raised $10.5 million in a Pre-Series A round. The round was led by major investors El Sewedy Capital Holding (SCH), Hassan Allam Holding (HAH), and the Sallam Family.
Naqla's business model addresses the historically underserved road freight sector in Egypt, which has grown in importance since the start of Covid-related supply-side constraints, according to an official statement. "Businesses are continuously looking for further efficiencies in inland transport from Egypt's major entry and exit ports to maintain the flows of goods within their supply chains."
The rapid growth of Egypt's construction and consumer goods industry has meant demand for trucking continues to rise with employees in the sector now making up 2 percent of the labour force and 3-4 percent of GDP. "Many of the 1.5 million trucks in Egypt are owned by individual drivers whom Naqla aims to onboard onto its carrier ecosystem consisting of road assistance, finance, insurance, health care and maintenance.
"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," says Sherif Taher, Co-Founder and Chief Executive Officer, Naqla. "We thank our investors for their part on the Naqla journey – this investment will enable rapid acceleration of our business and our planned vertical expansion into our new segments."
Established in 2017 by Taher and Samer Sallam, Naqla has delivered 4.6 million tonnes of cargo in 35+ zones across Egypt, and connects more than 400 shipping and cargo companies with 10,500 drivers.