A Lahore-based digital freight marketplace called BirdgeLinx has raised nearly $10 million in the country’s largest round. The round was led by Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital.
According to the details, the deal was oversubscribed twice and even included the participation of Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, Untitled, and some of the largest business groups of Pakistan, including Maple Leaf Capital. This included several angel investors as well as founders of Convoy (US-based freight marketplace) and Bazaar (Pakistani B2B marketplace) also joined the round.
BridgeLinx enables businesses to move freight by connecting them with carriers such as truckers, owner-operators, transporters, and private fleets through its online marketplace. The startup was launched nearly nine months ago and already the startup has claimed to have onboarded thousands of carriers who are moving thousands of shipments every week.
Moreover, the platform offers an end-to-end solution for load execution starting from matching payments whereas businesses can use the startup’s mobile app to book different types of vehicles to move their load. In addition, clients can track their shipments in the app and oversee all shipment-related documents.
Salman Gul, co-founder and CEO of BridgeLinx stated the following:
“With logistics averaging at 10 per cent of GDP globally, deploying technology to optimise and create visibility across global supply chains is a trillion-dollar opportunity. At BridgeLinx, we are on a mission to redefine the way in which businesses manage supply chains – from procurement and shipping to warehousing and distribution. Our journey starts with road freight in Pakistan, and the talent-dense team we are building is incredibly privileged to be backed by some of the best investors from around the world.”
According to Harry Stebbings of 20VC: “For me, the best investments combine incredible, category-defining entrepreneurs with macro headwinds. BridgeLinx is just that – a team of phenomenal entrepreneurs operating in a space with limitless potential.”
Indus Valley Capital’s Managing Partner Aatif Awan also added: “BridgeLinx has cracked the code for making end-to-end freight work in a hassle-free manner and therefore signed up some of the top businesses in Pakistan. We believe this team is well on its way to bring unprecedented efficiencies to the country’s economy and are really excited to partner with them.”
As of now, BridgeLinx aims to utilise the funds in order to “consolidate its position as a market leader by broadening its product stack and expanding across additional verticals, segments, and lanes” as mentioned by the startup.