Dubai based freight marketplace, Lorryz has raised $1.4 million in seed round funding from Emirates Investment and Development Center and i-Cell Telecom Group. Lorryz is operating in the United Arab Emirates and is piloting B2C operations in Pakistan. It plans to use the investment to further develop their tech. The funds will also be used to expand to Middle Eastern and African markets, specifically Iraq and Kenya after they continue their expansion in the GCC and Pakistan.
Lorryz was founded by Adnan Ahmad in 2019. The startup connects cargo owners with truckers through its digital platform. They want to become “the largest technology driven logistics platform in the world”, according to their website.
How It Works
The process is simple. For starters, a business or cargo owner looking for transport, inputs the shipment request. This includes the pick-up and drop off locations and the type of vehicle needed to get the job done. The second step is to pick the most convenient offer and confirm the booking. Then Lorryz’s users can track their cargo as it moves from point A to point B. When the cargo is delivered, users receive a delivery notification letting them know.
Freight Marketplaces in MENA
Lorryz has hundreds of trucks in its network, however it faces strong competitors within the MENA region. The biggest competitor is Dubai based TruKKer, which raised $23 million in a Series A funding round in 2019. TruKKer operates in the United Arab Emirates and the rest of the Gulf Cooperation Council (GCC). Another competitor is Egypt-based Trella which operates in Egypt and Saudi Arabia. Trella raised a $600,000 pre-seed round from Algebra Ventures in 2019, joined Y Combinator. Trella also acquired its local Egyptian rival Trukto in the same year.
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