European digital road freight forwarder said it has now raised more than $350 million, funding that ‘will help finance pan-European expansion through acquisitions, strategic partnerships and investment in its SaaS offering’.
Ambitious European ‘digital road freight forwarder’ Sennder has raised a further US$80 million in investment capital 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 $240 million. To date, Sennder said it has now raised more than $350 million, adding: “Valued in excess of $1bn, Sennder is Europe’s most valuable digital freight forwarder.”
The company said the additional funding “will help Sennder capitalise on growth opportunities, financing pan-European expansion through acquisitions, strategic partnerships and investment in its SaaS offering”.
It said the new funds “will accelerate Sennder’s growth across Europe as the business strengthens its position in core markets and further expands into new regions. Sennder 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.
The announcement follows Sennder’s recent acquisition of Dutch logistics player Cars&Cargo and strategic partnership with Zeitfracht.
The business said it “is now targeting additional acquisitions of local road freight companies to enhance truck supply and increase network density on its sennOS platform”.
Sennder said all of its major investors participated, “reaffirming their long-term support of sennder’s ambition to digitise road-freight”. Among the investors, new investor Baillie Gifford – which has invested in high-growth technology companies including Amazon, Tesla and Spotify – has added Sennder to its European Growth Trust portfolio.
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 capitalise 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.”
Sennder said it will “expand its technology offering by continuing to deploy the initial capital raised in January 2021 to grow the team across its eight European hubs and further develop the platform’s SaaS capabilities. The funds will also drive research and development into the automation, digitalization and decarbonization of road freight.”
Sennder describes its mission as “to make freight fit for a sustainable future”, adding: “Through its digital platform, Sennder directly connects enterprise shippers with small and medium-sized trucking companies. As the platform scales, Sennder can offer shippers and carriers more routes, greater visibility, bigger efficiency savings while decreasing carbon emissions.”
Stephen Paice, co-manager for Baillie Gifford European Growth Trust, said: “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.”
The Sennder platform comprises 12,500 trucks servicing ten German DAX 30 and eleven Euro Stoxx 50 shippers – moving more than 1 million truckloads in 2021. Sennder employs more than 840 employees across its eight international offices.
Source: Lloyd´s
