Bahrain-based alternative investment firm Investcorp has led a pre-IPO funding round in Saudi Arabia-based digital freight network TruKKer.
Investcorp contributed US$51 million alongside existing investors such as Mubadala, the Abu Dhabi-based sovereign wealth fund.
The investment was made via Investcorp’s recently launched Saudi Pre-IPO Growth Fund.
The fund is focused on equity growth capital investments in companies primarily based in Saudi Arabia with the potential to access the capital markets within three years.
“Saudi Arabia is increasingly rich in highly investible companies, from fast-growth technology businesses like TruKKer to long-established family businesses that have grown consistently and are now looking for capital to implement more ambitious expansion plans,” said Investcorp co-chief executive Hazem Ben-Gacem.