Berlin-based digital road freight forwarder, Sennder, is capitalising on growth opportunities and financing pan-European expansion through acquisitions, strategic partnerships and its Software as a Service (Saas) offering.
The firm recently announced a raise of $80 million USD through the second closing of its Series D funding round. Including the first close in January 2021 the combined funds are $240 million USD.
Founded in 2015 by David Nothacker, Julius Köhler and Nicolaus Schefenacker, Sennder offers shippers access to a connected fleet of thousands of heavy vehicles. The company is reported to manage 12,500 trucks across Europe with a team of 840 people.
New investor, Baillie Gifford, which has invested in high-growth technology companies including Amazon, Tesla and Spotify, adds Sennder to its European Growth Trust portfolio. To date, Sennder has raised more than $350 million USD; valued in excess of $1 billion USD.
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 business 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.
“We are delighted to have carried our momentum from 2020 into 2021, having already made one acquisition and signed several strategic partnerships,” said Nothacker.
“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’s mission is to make freight fit for a sustainable future. 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. Sennder 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, digitalisation and decarbonisation of road freight.
Stephen Paice, Co-manager, Baillie Gifford European Growth Trust PLC 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.”