Engagement — Platform Due Diligence
Code & Co. provided Tech & Product Due Diligence to Investcorp ahead of its lead investment in the $100m Series C round in TruKKer
TruKKer operates in a highly fragmented road freight market across eight countries including Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Egypt, Jordan, Turkey and Pakistan representing a total addressable market of over $50 billion. 75% of trucks belong to small or individual transporters owning less than 50 trucks, reliant on outdated, manual business processes. TruKKer is a market-leading digital solution addressing these problems. Its platform aggregates 45,000 trucks, helping more than 700 B2B customers optimize their supply chain.
Investcorp through its Saudi Pre-IPO Growth Fund has led the initial close of the $100m pre-IPO round in TruKKer, the largest digital freight network in MENA, with a $51m investment.
TruKKer, an Uber-like service for trucks, enables more than 700 B2B enterprise clients to optimize their supply chains and reduce operational workloads. Its platform provides customers with real time pricing, status updates and automated bookings, and the business is set to surpass $200m in revenue this year. It offers its transporters greater utilization by increasing reverse loads and reducing idle time between loads
Initially founded as an aggregator of trucks for home moving services, the firm has expanded to apply the business model to long-haul trucking for B2B customers.
Investcorp’s investment will support TruKKer to further enhance its growth and continue its expansion into new markets.
“TruKKer is a business built on solid technical foundations that has identified an exceptional opportunity in a sector that is still very much reliant on pen and paper and manual processes. It offers its customers significant efficiency savings through its end-to-end platform.” says Lukas Ingelheim, co-founder of Code & Co. “We are excited to see TruKKer accelerate its already impressive growth with the backing of Investcorp.”
### Scope of Work
Code & Co. provided Tech & Product Due Diligence to Investcorp ahead of its investment in TruKKer. This included an assessment of TruKKer’s platform, internal and external apps, and its technological architecture. Code & Co. also analyzed the product's scalability and resilience, identifying areas for improvement and flagging priorities for further innovation and development to support the businesses long-term growth plans.
Supporting Investcorp in its investment in TruKKer underlines Code & Co.’s position as a leading Technology and Product Due Diligence provider on tech mandates in MENA.
Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance asset management. Investcorp has today 13 offices across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2022, Investcorp Group had US $42.7 billion in total AUM, including assets managed by third party managers, and employed over 480 people from 50 nationalities globally across its offices.
TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator, serving more than 700 B2B clients. It operates a fleet of 45,000 trucks across Saudi Arabia, the UAE, Egypt, Bahrain, Jordan, Oman, Pakistan, and Turkey. By reducing idle time and empty miles, TruKKer helps the industry reduce its carbon emissions.
About Code & Co.
Code & Co. is an independent advisory firm that specializes in providing modern, actionable Tech & Product Due Diligence for the global alternative investment industry. Our expertise uncovers risks that threaten asset value and opportunities to accelerate growth.