sennder raises another $80m as it accelerates its European growth still further
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Fast-growing European digital road freight forwarder sennder has announced another $80m in investment through the second closing of its Series D funding round. The announcement follows the first close in January 2021 and brings the total size of the round to $240m.
The investment comes courtesy of Baillie Gifford, which has invested in high-growth technology companies including Amazon, Tesla and Spotify.
To date, sennder has raised more than $350m. It is valued in excess of $1bn, making the company Europe’s most valuable digital freight forwarder.
sennder says the funds will assist its growth across Europe as the business seeks to strengthen its position in core markets and further expand into new regions. The company adds that it will continue to take advantage of strategic growth opportunities, both organically and via acquisitions.
Since its founding in 2015, the business has grown exponentially; in 2020 sennder consolidated the market by acquiring digital freight forwarders Uber Freight Europe and Everoad. sennder also entered into a joint venture with the Italian postal service, Poste Italiane, making sennder Italia the largest domestic FTL (full truck load) freight forwarder.
In a statement, sennder says it is now targeting additional acquisitions of local road freight companies to enhance truck supply and increase network density on its sennOS platform. The announcement follows sennder’s recent acquisition of Dutch logistics player, Cars&Cargo, and strategic partnership with Zeitfracht.
Commenting on the investment, David Nothacker, CEO and Co-Founder of sennder, said:
We are delighted to have carried our momentum from 2020 into 2021, having already made one acquisition and signed several strategic partnerships. We look to expand our European footprint, bringing more carriers and shippers onto the sennder platform, while expanding our digital offering – such as SaaS. Acquisitions and strategic partnerships are part of this strategy – the additional funds give us the flexibility to capitalize on the right opportunities. Baillie Gifford has backed a wave of revolutionary tech companies; their commitment to sennder is a vote of confidence in our team, technology, and business model.
Stephen Paice, Co-manager of the Baillie Gifford European Growth Trust PLC, also commented on the deal:
“We are delighted to join the sennder team on its journey to disrupt Europe’s logistics industry. We strongly believe its technology has the potential to create tremendous value for stakeholders and society in an industry plagued with inefficiencies and needless CO2 emissions. What’s particularly impressive, beyond the progress shown so far, is the purpose-driven and entrepreneurial mind-set instilled within the company. This will no doubt be an important factor for long-term success.”