BridgeLinx, a Lahore-based freight startup, raised $10 million in Pakistan’s largest seed funding round, adding to the country’s recent high-profile startup investment deals.
The company intends to use the capital to expand into new verticals, invest and advance its technology, and bring on new talent, Chief Executive, Salman Gul, told TechCrunch.
Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital co-led the round.
Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, Magnus Rausing’s UNTITLED, and founders of Convoy and Bazaar also participated in the round.
This is Indus Valley Capital’s third noteworthy investment in South Asia after having funded Pakistan’s online retail platform, Bazaar.
20 VC and Buckley Ventures recently invested in e-commerce startup Airlift’s record-breaking $85 million funding round.
BridgeLinx is an online freight marketplace that helps businesses and manufacturers connect with transport providers like truckers and private fleets.
The startup handles port operations, documentation, booking, and tracking and offers coverage over more than a hundred transport lanes in Pakistan.
The nine-month-old BridgeLinx has already onboarded thousands of carriers and is transporting thousands of freight loads every week, Gul said.
Gul said that he and his co-founders wanted to solve Pakistan’s road freight inefficiency issues and are attempting to build a hybrid of India’s logistics companies, BlackBuck and Rivigo.
Like BlackBuck, BridgeLinx doesn’t own any vehicles at the moment, but Gul said that the company envisions owning some of its own fleets like Rivigo does so that it can ensure 24-hour service to clients.
“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,” said Indus Valley Capital’s Managing Partner, Aatif Awan, in a statement. “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.”
“For me, the best investments combine incredible, category-defining entrepreneurs with macro headwinds,” 20VC’s Harry Stebbings said. “BridgeLinx is just that – a team of phenomenal entrepreneurs operating in a space with limitless potential.”
Pakistan has recently worked on several lucrative funding rounds, including digital healthcare startup, Ailaaj, which raised $1.6 million in seed funding last week. This indicates growing investor confidence in the country’s fledgling startup ecosystem, and high-profile wins like this only further encourage interest.