Investcorp, a leading global alternative investment firm, Tuesday 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.
“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,” Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp said. “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.”
Walid Majdalani, Head of Private Equity MENA and Southeast Asia at Investcorp said that he was excited to add TruKKer to their portfolio and was keen to work with the founders of this regional champion to explore a possible market listing.
“Thanks to its proprietary technology, TruKKer is ideally positioned to continue its strong growth while reducing carbon emissions across its markets,” Majdalani said. “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 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.
The United Arab Emirates and Saudi Arabia are key markets for TruKKer and represent a significant portion of the company’s revenues.