(Bloomberg) -- An Egyptian startup that links truck owners with cargo companies raised $10.5 million in a funding round led by El Sewedy Capital Holding and Hassan Allam Holding as it looks to capitalize on the North Africa nation's construction boom.
Naqla, which works with more than 400 shippers and 10,500 drivers across Egypt, will use the funding “to invest further in its commitment to advancing technology and digitization,” it said in a statement.
Founded in 2017, Naqla seeks to modernize and expand Egypt's supply chains by automating shipping orders via its two main apps. Rapid growth in the construction and consumer goods industries of the Arab world's most populous nation is spurring a rise in demand for trucking services, it said.
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