German digital freight forwarder sennder has raised $160m in Series D financing. The round was led by an unnamed party, but round participants included Accel, Lakestar, HV Capital, Project A and Scania, reports Techcrunch. With this injection, sennder has raised more than $260m so far.
The German digital forwarder had a busy year in 2020; in June, it merged with its French competitor Everload; in September, it acquired Uber Freight’s European business.
Through its digital technology, sennder directly connects enterprise shippers with trucking companies, providing transparency and efficiency to both carriers and shippers.
The European logistics and freight sector has a market size of $427bn. sennder plans to capitalize on this opportunity by investing $100m of its Series D financing into growing and developing its innovative technology. The investment will expand the 200-person technology team and accelerate research and development into the automation, digitalization, optimization and decarbonization of road freight, comments the company on the news.
Additional funding will be channeled towards driving expansion into new European markets. sennder will focus on replicating the success it has had with Poste Italiane where, through the Italian joint venture, sennder has helped the business save 6% of its €100m annual spending. sennder is also enjoying successful working partnerships with Scania and Siemens.
Supplying transport services to over 10 organizations listed in the German DAX 30, and 11 companies comprising the Euro Stoxx 50, sennder is well-positioned to connect small and mid-sized trucking companies with established shippers – providing them with access to loads.
Photo credit @ sennder