Pakistan’s BridgeLinx Raises Historic $10M
BridgeLinx Technologies is on a mission to consolidate Pakistan’s fragmented trucking and logistics industry. It is the latest company to secure a significant cash injection from investors. According to a Bloomberg report published Tuesday (Sept.
14), the digital marketplace for freight cargo has raised £10 million, Pakistan’s largest seed capital investment. The funding round for the 9-month-old Lahore-headquartered startup was led by investors including 20VC’s Harry Stebbings, Josh Buckley from Buckley Ventures and Indus Valley Capital. Stebbings and Buckley are already familiar with the Pakistani market, having led a record £85 million round for quick-delivery startup, Airlift, last month.
: With A Larger Population Than Brazil, Pakistan’s Newly Digital SMBs Offer Huge Opportunity Salman Gul, co-founder and chief executive officer at BridgeLinx, said most large manufacturers are facing challenges in the South Asian nation, where the fragmented truck transportation industry means firms end up dealing with as many as 40 transport vendors. The startup is seeking to solve this problem by connecting large companies with trucks, offering manufacturers lower fares through bidding between truckers for business.
And Gul said BridgeLinx has barely “scratched the surface” in the “massive market,” as it keeps adding to its client list of more than a fifth of Pakistan’s top 100 exporters, while moving thousands of freight loads each week. “Initially, we were pulling people on the platform, now they just want to jump on,” he said. Pakistan, the world’s fifth most populous nation, is enjoying an investment boom, as foreign investors pour record amounts of cash into its startup industry. According to data from venture capital fund Invest2Innovate, local startups have raised over £233 million so far this year, exceeding the amount raised in the previous six years combined.
Related: Foreign Investors Pour Millions Into Pakistan’s FinTech Startups In June, PYMNTS reported that Pakistan’s startups raised £19.3 million in the first quarter of this year, of which almost £15 million came from foreign investors. Last year, a record £48 million was secured in foreign investments.
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021
About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.
Recommended for you
- Soft Watering Bath Toys for Kids,[DEMEDO] Bathtub & Swimming Pool Toys Gift...
RRP PRICE: £17.99SALE PRICE: £12.99YOU SAVE: £5.00 [Intimate Design] The bathtub toy is made of safe & durable BPA free rubber, which is not […]
- TOWO Wooden Train Set with Town Map-Shinington Railway Track Construction...
RRP PRICE: £45.49SALE PRICE: £34.99YOU SAVE: £10.50 About this item High quality beech wood train trucks and accessories with a beautiful scenery […]
- LEGO 75301 Star Wars Luke Skywalker’s X-Wing Fighter Toy for Kids Age 9+ with...
RRP PRICE: £44.99SALE PRICE: £36.00YOU SAVE: £8.99 About this item Features a LEGO brick-built version of Luke Skywalker’s iconic toy X-wing […]
- Galt Toys Science Lab Kit
RRP PRICE: £17.99SALE PRICE: £12.99YOU SAVE: £5.00 A young science kit to encourage early STEM learning and scientific thinking while having fun […]