On Tuesday, Sennder, a digital freight forwarder based in Berlin, closed on an additional $80 million in funds, an extension to its Series D round that raised $160 million in January. The extension was led by Baillie Gifford, with Hedosophia, Accel, Lakestar, HV Capital, Project A and Scania participating in the previous Series D raise.
The company has raised more than $350 million since 2015 and is now valued at over $1 billion.
“We are delighted to join the Sennder team on its journey to disrupt Europe’s logistics industry,” said Stephen Paice, co-manager of the Baillie Gifford European Growth Trust. “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.”
Sennder has grown exponentially over the past year through strategic acquisitions within the European market.
In 2020, it acquired Uber Freight Europe, a unit of Uber Technologies (NYSE:UBER). That enabled Sennder to extend its service offerings in Amsterdam and become a leader in the digital freight forwarding industry within Europe, allowing Uber Freight to focus its attention on the North American market. The agreement included a shipper referral program in which both parties would refer shippers seeking freight services in both markets.
In February, Sennder announced that Everoad, a leading digital freight forwarder based in Paris, had merged with the company to create Sennder France and would be channeling $100 million of its initial Series D round toward building a 200-person technology team in its new European tech hub at the newly acquired Paris office.
In its most recent acquisition in May, Sennder acquired Cars&Cargo, a Dutch-based freight forwarder, enabling customers within France, Germany and the Benelux region to access on-demand services from the 240 newly acquired vehicles, while Cars&Cargo gained access to Sennder’s technology suite for route optimization and fleet management.
The company was in talks with a number of special purpose acquisition companies (SPACs) to go public, but has decided against this route after the extension of its Series D round, according to a Reuters report.
With the strategic guidance from Baillie Gifford, the company plans to use these new funds to continue its growth within the European market.
“We look to expand our European footprint, bringing more carriers and shippers onto the Sennder platform, while expanding our digital offering — such as SaaS,” said David Nothacker, CEO and co-founder of Sennder. “Acquisitions and strategic partnerships are part of this strategy — the additional funds give us the flexibility to capitalize 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.”
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