Bangladesh-based online truck rental platform Truck Lagbe has announced closing its Series A+ financing round led by global port operator and supply-chain provider PSA International. Domestic sovereign investing arm Startup Bangladesh and IDLC Venture Capital Fund I also participated.
The company plans to use the funding to continue scaling its platform and expanding its reach as well as to “make transportation of light-to-heavy goods by trucks simpler and more convenient”.
“Our goal for the upcoming years is to transform our business model to achieve sustainable growth, which will reduce empty truck movement and the environmental consequences. Moreover, by introducing more products and services, we will be able to save billions of dollars for consumers and businesses,” said Anayet Rashid, CEO of Truck Lagbe.
The company secured $4 million in a Series A financing round co-led by the International Finance Corporation (IFC) and IDLC Venture Capital Fund I in 2021.
Founded in 2017, Truck Lagbe connects truck owners/drivers and shippers, catering to the needs of businesses and individuals. The company claims to have over 80,000 registered trucks on its platform.
Startup Bangladesh’s portfolio also includes truckload freight platform Loop, advertising platform Markopolo, healthcare platform Amarlab, and shopping platform Peekaboo, among others.
PSA International is a port operator and supply-chain company with flagship operations in Singapore and Antwerp. Its global network is spread across 160 locations in 42 countries around the world.