Egyptian digital freight marketplace, Trella, which serves the Middle East, North Africa and Pakistan (MENAP), has raised a total of $42 million funding round.

According to the company, $30 million will go into new equity and $12 million debt facilities. The equity element was led by Maersk Growth and Raed Ventures with participation from Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures, and Flexport. And the debt facilities was provided by Lendable, a next-generation lending platform, and other local financial institutions.

Trella plans to use the latest funds to expand its technology and product development to drive growth that will consolidate its position as the regional market leader.

Trella was launched in 2018 by Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem, The platform is a b2b tech platform and trucking marketplace that connects shippers with carriers in the highly fragmented freight industry.

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Since its goal is to reinvent trucking across emerging markets, the startup addresses challenges faced by both shippers and carriers.

On the one hand, the platform serves as a reliable option with transparent and affordable pricing to help shippers move their goods and track their shipments in real-time. On the other hand, it helps carriers to improve their load utilization and efficiency by using the platform.

Commenting on the successful fundraising, Omar Hagrass, the CEO of Trella, said, “This $42 million funding round is a huge endorsement of Trella’s capabilities, business model, and market opportunity. We have a strong diversity of investors and we thank all participants for their support.

It is great to have Maersk, as a shipper customer that uses Trella, invested in our future growth. The MENAP freight market is a significant one and urgently needs the transparency, reliability, and efficiency that Trella and its technology platform provide.”

Jeppe Hoier, Partner at Maersk Growth, said, “We are currently experiencing a rapid development in trucking, as transportation of goods has become accessible to even the smallest companies due to new digital solutions.”

According to Hoier, Trella is the first of the Denmark-based VC firm’s investment on the African continent. Hence, he described the startup as an excellent example of the democratization of the logistics sector.