The majority owner of Uber Freight’s European arm, a German digital freight forwarding startup called Sennder, has raised a $160 million venture capital round and plans to split the money between further developing its technology platform and expanding into new European markets, the firm said Wednesday.
The “series D” round came from the investment firms Accel and Lakestar and follows a busy year for the six-year-old firm. During 2020, Berlin-based Sennder merged with French competitor Everoad in June and then acquired Uber Freight’s European business in September. Uber Freight’s parent company, the ride-hailing pioneer Uber Technologies Inc., still holds a minority stake.
Of the money raised, Sennder plans to devote $100 million to advancing its technology, which is meant to the digitalize the European trucking sector, and it will keep the remaining $60 million “to drive an expansion into new European markets with a focus on strategic partnerships,” the firm said.
Sennder’s platform directly connects enterprise shippers with trucking companies, bringing greater transparency and efficiency to both carriers and shippers. In particular, the firm says it is well-positioned to connect small and mid-sized trucking companies with established shippers, providing them with access to loads. Sennder uses all that data to optimize route efficiency, reduce the environmental impact of road freight, and decrease the cost of transportation, the firm said.
“Just 18 months ago, we led Sennder’s Series C fundraising,” investor Christoph Schuh, Investment Partner at Lakestar, said in a release. “Ever since, Sennder has successfully demonstrated its ability to massively grow the business organically and via M&A. We are delighted to see Sennder now positioned as a leading pan-European digital freight-forwarder. Especially in these unprecedented times, Sennder shows how important digitization is for the logistics industry, paving the way for an efficient future.”
sennder raises $160m in Series D financing ?? Today our headcount is over 800 employees across 7 international offices serving hundreds of customers across EU. This year, we will move over 1 million truckloads, making us Europe’s leading digital road freight forwarder?? pic.twitter.com/6rD7Idj2xF
— sennder (@sennderLogistic) January 14, 2021