Qatar wealth fund QIA backs $200mln funding for driverless freight firm Gatik
By Staff Writer
The Qatar Investment Authority (QIA) has invested in US-based autonomous truck operator Gatik to support the expansion of its freight business.
The sovereign wealth fund co-led Gatik’s $200 million Series D financing, alongside Koch Disruptive Technologies. The investment drive also drew participation from ARK Invest, Millennium Management Global Investment, Intact Private Capital, Arca Continental and other investors.
The new funds will be used to scale operational capacity, acquire additional truck fleets and meet growing demand from Fortune 50 businesses.
Gatik runs a fleet of driverless trucks, providing logistics services to fast-moving consumer goods distributors and retailers across Texas, Arizona, Arkansas and Ontario, Canada.
The company has posted more than $600 million in contracted revenue and worked with major brands like PepsiCo.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com