Senander, a large digital road freight forwarder based out of Germany, has raised $ 160m in Series D financing. The round was led by an anonymous party, but the round participants included Excel, Lecter, HV Capital, Project A and Scania. To date, Sender has raised more than $ 260m, allowing it to claim a potential $ 1bn valuation.
Sender directly connects enterprise shippers with trucking companies, thus uninterrupting the traditional freight model. It says it will load more than 1 million trucks this year. So far it has focused on the lucrative European market. It merged with French competitor Avroide in June 2020 and acquired Uber Freight’s European business last September. The European logistics and freight sector has a market size of $ 427bn.
Senander competed in large quantities with Wincanton and CH Robinson, as well as other startups such as OnTrack and Instafrite in Spin.
The entire digital freight forwarding market is booming. Only last November, Forto, Germany, a digital freight forwarder raised another $ 50 million in funding, while raising its total to $ 103 million. And in 2018, FreightHub, another European digital freight forwarder, raised $ 30 million in Series B financing.
Senander’s new investment will mean it can expand into European markets. It already partners with Poste Italian in Italy as well as Scania and Siemens, and is now supplying transportation services to more than 10 organizations listed on the German Dex 30, and 11 companies including Euro Stox 50 .
Since its founding in 2015 by David Nohecker, Julius Köhler and Nicholas Scheffenacher, the company has grown to 800 employees and seven international offices.
David Nohrekar, CEO and co-founder of Sender, said: “We are now an established industry player on equal terms with other more traditional sector pioneers, but have maintained our founding spirit. As a data-driven company, we contribute to making the logistics industry suitable for a sustainable future; Ensuring transparency, flexibility and efficiency in delivery of goods. The COVID-19 epidemic has demonstrated the importance of a digital logistics industry.
Sonali D Raiker, Partner at Excel commented: “It is always great to see a portfolio company reaching such important milestones. 2020 highlighted significant value to the freight industry of Sendire’s innovative digital offering.