Berlin, July 22, 2019 - European champion in digital freight forwarding closes largest funding round to date, led by Lakestar with participation from Accel, HV Holtzbrinck Ventures, Project A, Next47, H14 and Scania Growth Capital.
sennder, Europe’s fastest-growing digital freight forwarder, today announced that it has successfully closed a $70M Series C funding round, led by international venture capital firm Lakestar. This brings 2019 funding to a total of $100M, following the company’s $30M Series B round led by Accel earlier this year.
The European road freight industry is large at $400B. However, it is also outdated and extremely fragmented. It relies on multiple layers of subcontracting and operates with significant room for improvement in pricing, capacity utilisation and service.
Berlin-based sennder was founded to optimise the largest part of the industry, the full truckload (FTL) market, estimated at $120B across the EU. The company connects enterprise shippers directly with trucking companies and leverages digitalisation to empower small and mid-sized trucking companies. The end result is much-needed transparency and efficiency for customers and a better experience for carriers and drivers.
The additional capital will allow the company to accelerate even faster, expanding further geographically and developing its technology and operational capabilities to meet demand from shippers and become the most versatile tech platform in freight forwarding.
Co-founder David Nothacker highlights: “We have pooled our knowledge and experience gathered in our previous roles to improve operational excellence in this highly complex market. Our relentless focus on product and industry pain points has helped us to deliver an impressive portfolio of global, highly satisfied enterprise clients. We believe that sennder is leading the way for the industry on digitisation, reliability and customer service.”
“We are proud of having gained the trust and backing of highly reputable investors for our company. The investments by venture capital firms Lakestar and Accel show that we have identified a massive challenge and its solution that will play a vital role for the future of the European logistic markets. We also want to thank Next47 and H14 as well as our returning investors HV Holtzbrinck Ventures, Project A and Scania Growth Capital for their continued support,” added Nicolaus Schefenacker, co-founder of sennder.
Taking on the EU road freight market
Launched in 2016 by entrepreneurs David Nothacker, Nicolaus Schefenacker and Julius Koehler, sennder has rapidly positioned itself at the forefront of the road freight logistics market, serving enterprise clients across the EU by digitizing an industry that has mostly been reliant on paper, fax and phone. It now operates in Germany, France, Italy, Spain and Benelux.
Advancing the entire industry
sennder addresses core industry frustrations: Multiple intermediary layers are making it hard for shippers to access information on their carriers. As the sole reference point, sennder ensures prompt two-way communication while its software also provides real-time tracking via GPS, a continuously updated estimated arrival time (ETA), and automatic notifications of delays.
sennder is also ensuring a better experience for carriers and their drivers. In addition to seamless digital communication and paperwork via the app, it ensures prompt payment and provides value-added services to their partners. In a market where shipping demand often outstrips supply, the ability to develop and nurture a loyal network of carriers, most of whom are small companies or sole traders, is crucial.