Freight forwarding — the route of of organising how and the place gadgets will possible be shipped around the arena, and specifically the expertise that underpins that work — remains to be a great area of the logistics market, no longer least because of the great speak in e-commerce in the last year, and because of the COVID-19-mandated wish to merely be more atmosphere friendly in how things are being moved around. Today, certainly one of many bigger players in that space is announcing more funding to capitalize on the chance.
Sennder, a digital freight forwarder that makes a speciality of spirited cargo around Europe (and specifically focusing on automobiles and “stout truck load”, FTL, freight forwarding), has raised $80 million in funding, at a valuation the company confirms is now over $1 billion.
The Berlin-based startup has been on something of a funding tear this year. In January, it announced a $160 million round, and this $80 million is closing out its Sequence D. Baillie Gifford led this latest Sequence D extension, with Hedosophia, Accel, Lakestar, HV Capital, Mission A and Scania all participating in the previous part of the Sequence D.
The funding makes sennder, which has now raised some $350 million, certainly one of many most successfully-funded of the freight forwarders, nonetheless it’s a hot area at the 2nd. Another player out of Europe, Zencargo, picked up $42 million correct last month. Other opponents consist of the likes of Flexport in the U.S.
Sennder is growing organically, nonetheless it’s also making some acquisitions to scale up — a mark no longer correct of the activity in the market nonetheless also the fragmentation. In May, it acquired Cars&Cargo to provide it a stronger presence in France and Benelux. Other companies it has acquired consist of Uber Freight Europe and Everoad in 2020, and it also operates a JV with Poste Italiane, Italy’s postal provider. Altogether it now has eight hubs in Europe.
The plan will possible be to make more acquisitions of this form, the company said, to expand a community that now covers 12,500 automobiles that it says works with 10 German DAX 30 and 11 Euro Stoxx 50 shippers and is anticipated to transfer more than 1 million truckloads in 2021.
“We are glad to have carried our momentum from 2020 into 2021, having already made one acquisition and signed several strategic partnerships,” said David Nothacker, CEO and co-founder of sennder, in a statement. “We watch to expand our European footprint, bringing more carriers and shippers onto the sennder platform, whereas expanding our digital offering – such as SaaS. Acquisitions and strategic partnerships are part of this strategy – the additional funds give us the flexibleness to capitalize on the factual alternatives. Baillie Gifford has backed a wave of revolutionary tech companies; their dedication to sennder is a vote of self assurance in our team, expertise, and trade mannequin.”
Stephen Paice, co-manager, Baillie Gifford European Increase Belief PLC, added: “We are glad to be a part of the sennder team on its walk to disrupt Europe’s logistics industry. We strongly imagine its expertise has the potential to create expansive value for stakeholders and society in an industry plagued with inefficiencies and pointless CO2 emissions. What’s particularly impressive, past the growth confirmed so far, is the cause-pushed and entrepreneurial mind-place instilled for the duration of the company. This can puny query be an important factor for long-interval of time success.”