After a recent $10.5 million fundraising round, Naqla is getting ready for a new stage in the development of its business in Egypt.

Egyptian logistics platform Naqla announced last March 7 it has raised $10.5 million in pre-series A funding. The company, which connects truck owners with freight companies, plans to use the money to digitalize its operations.

“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. We thank our investors for their part in the Naqla journey – this investment will enable rapid acceleration of our business and our planned vertical expansion into new segments,” said co-Founder and CEO Sherif Taher.

The fundraising comes three years after Naqla expanded into heavy-duty trucking in 2019, with a fleet of trucks carrying heavy items accounting for 16% of the company's business, and two years after its expansion into domestic light-duty trucking in 2020, transporting SMEs’ light materials. Since its inception in 2017, the company -which works with more than 400 shippers and 10,500 drivers across Egypt, claims to have delivered more than 4.6 million tons of cargo.

Egypt's logistics industry is worth an estimated $13 billion and accounts for nearly 3.5% of GDP, according to data published last December by Naqla.

Chamberline MOKO