Berlin-based Sennder, a digital freight forwarder, has secured $70 million in Series C funding. Lakestar led the round.
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 However, it is also outdated and extremely fragmented.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 truck load (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.
sennder is a leading digital road freight forwarder in continental Europe, linking large commercial shippers with small freight carriers. With its in-house-developed platform, sennder provides a new level of automation, transparency and efficiency to the European $ 400B road freight market, which until now has been dependent on paper, phone and fax and characterized by multi-layer subcontracting. sennder’s digital connection to nearly 10,000 vehicles in all segments allows for almost unlimited capacities, no matter what time of the day. sennder digitalizes the truckload-shipping ecosystem by providing mobile apps to drivers, fleet management tools to carrier managers and logistics management solutions to shippers. Real-time booking, a designated contact person always on hand, as well as precise live tracking, bring full transparency to any logistics supply chain. By integrating directly with the shippers’ Transport Management and Freight Management Systems via APIs and by cutting the multiple middle men, sennder increases efficiency and reduces cost for all stakeholders.
Lakestar is one of Europe’s leading venture capital firms investing in technology companies led by exceptional entrepreneurs. Early investments have included Skype, Spotify, Facebook and AirBnB. Having raised their first fund in 2013, Lakestar currently manages an aggregated volume of €1bn across three early stage funds, and more recently a growth fund. Lakestar has expanded and broadened their portfolio, with investments in Harry’s, Opendoor, Omio, GetYourGuide, FiveAI and Revolut. Lakestar has a presence in Berlin, Zurich and London. Lakestar helps companies to identify new markets and expand into them rapidly, with a focus on the US and Europe. The team advises and supports portfolio companies in business development, recruitment, technology and marketing. The investments range from early-stage companies to those in their growth stage.
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
About HV Holtzbrinck Ventures
Since 2000 HV Holtzbrinck Ventures has been investing in internet and technology companies across several fund generations and is one of the most successful, experienced and well financed early stage and growth investors in Europe. HV has financed over 165 companies, such as Zalando, Delivery Hero, Flixbus and Scalable Capital. The total volume of all HV funds is € 1.05 billion. HV supports startups with investments from € 500,000 to € 50m. Hence, it is one of the few venture capital firms in Europe, which is able to support companies through all investment stages.
Next47 is a global venture firm created by Siemens that invests in, and partners with, entrepreneurs who think big and build industry-defining companies. With offices in Boston, Beijing, London, Munich, Palo Alto, Paris, Stockholm, and Tel Aviv, Next47 gives start-ups unparalleled access to one of the world’s largest portfolios of customers in the areas of industry, energy and infrastructure as well as domain expertise in the deep technologies that impact those customers.
About Project A
Project A is the operational VC that provides its ventures with capital, an extensive network and exclusive access to a wide range of operational expertise. The Berlin-based investor makes use of the €260m in assets under its management to back early-stage companies in the digital technology space. With its unique organizational structure featuring 100 operational experts, Project A offers its portfolio companies hands-on support in the areas of Software Engineering, Marketing, Design, Communications, Business Intelligence, Sales and Recruiting. The portfolio includes 50+ companies such as Catawiki, WorldRemit, uberall, Homeday, Spryker, KRY, and Voi. For more information: www.project-a.com.