BridgeLinx, a digital freight marketplace headquartered in Lahore, announced today that it has raised $10 million in the country’s largest seed round. The round, which is also one of the region’s largest seed rounds, was led by Harry Stebbings’ 20 VC, Buckley Ventures’ Josh Buckley, and Indus Valley Capital.
According to the startup, the deal was nearly doubled in size and included Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, Untitled, and several of Pakistan’s largest business groups, including Maple Leaf Capital. Several angel investors, including the founders of Convoy (a freight marketplace based in the United States) and Bazaar (a Pakistani business-to-business marketplace), also participated in the round.
BridgeLinx, founded in late 2020 by Muhammad Saad, Ahsan Tanveer, Abbas Hassan, and Salman Gul, assists businesses in moving freight by connecting them to carriers (truckers, owner-operators, transporters, and private fleets) via its online marketplace. The startup, which launched nine months ago, claims to have onboarded thousands of carriers who move thousands of shipments per week for some of Pakistan’s largest shippers.
It did not provide specific figures but stated that its platform is used by the country’s largest textile groups, cement manufacturers, agro-businesses, electronics manufacturers, chemical companies, and online marketplaces. “More than a fifth of Pakistan’s top 100 exporters actively use BridgeLinx to move freight,” the company stated.
From matching to payment, the platform provides an end-to-end solution for load execution. Businesses can use the BridgeLinx mobile app to reserve various types of vehicles to transport their cargo. BridgeLinx notes on its website that its scheduling and routing technology matches clients with the most reliable, cost-effective, and efficient transport partner and that clients can track their shipments live in the app. Additionally, the platform provides access to all documents associated with shipments.
“With logistics accounting for an average of 10% of global GDP, deploying technology to optimize and create visibility across global supply chains represents a trillion-dollar opportunity,” said Salman Gul, co-founder and CEO of BridgeLinx. At BridgeLinx, our mission is to reimagine how businesses manage their supply chains – from procurement and shipping to warehousing and distribution. Our journey begins with road freight in Pakistan, and the talent-rich team we are assembling is incredibly fortunate to be backed by some of the world’s best investors.”
According to Harry Stebbings of 20VC, “the best investments combine incredible, category-defining entrepreneurs with macroeconomic headwinds.” BridgeLinx is precisely that – a group of extraordinary entrepreneurs operating in an untapped market.”
Additionally, 20VC and Buckley Ventures co-led a $85 million Series B round of Airlift, a Pakistani quick commerce startup. Indus Valley Capital, a founding investor in the company, was also a part of the transaction.
Aatif Awan, Managing Partner of Indus Valley Capital, commented on the investment in BridgeLinx, saying, “BridgeLinx has cracked the code for making end-to-end freight work seamlessly and has thus signed up some of Pakistan’s largest businesses.” We believe this team is well positioned to deliver unprecedented efficiencies to the country’s economy and are delighted to partner with them,” said Aatif Awan, Managing Partner at Indus Valley Capital.
Numerous well-funded international and domestic startups are active in Pakistan’s trucking sector. BridgeLinx said in a statement that with this seed round, it has become the best-capitalized freight marketplace in the country. Certain regional players that have entered Pakistan in the last eighteen months have raised more capital, but they are spreading it across multiple markets.
BridgeLinx intends to use the proceeds to “consolidate its market leadership position by broadening its product portfolio and expanding into new verticals, segments, and lanes.”
