Sennder, a large digital road freight forwarder based out of Germany, has raised $160 million in Series D financing. The round was led by an unnamed party, but round participants included Accel, Lakestar, HV Capital, Project A and Scania. Sources say Hedosophia may be the unnamed growth investor, although Sennder declined to comment. To date, Sennder has raised more than $260 million, allowing it to lay claim to a potential $1 billion valuation.
Sennder directly connects enterprise shippers with trucking companies, thus disintermediating the traditional freight model. It says it will move over 1 million truckloads this year. So far it has concentrated on the lucrative European market. In June 2020 it merged with French competitor Everoad, and acquired Uber Freight’s European business last September. The European logistics and freight sector has a market size of $427 billion.
Sennder competes with large incumbents like Wincanton and CH Robinson, as well as other startups such as OnTrac and Instafreight.
The whole digital freight forwarding market is booming. Only last November, Germany’s Forto, a digital freight forwarder, raised another $50 million in funding, taking its total raised to $103 million.
Sennder’s new investment will mean it can expand in European markets. It already partners with Poste Italiane in Italy, as well as Scania and Siemens, and is now supplying transport services to over 10 organizations listed in the German DAX 30, and 11 companies comprising the Euro Stoxx 50.
Since its founding in 2015 by David Nothacker, Julius Köhler and Nicolaus Schefenacker, the company has grown to 800 employees and seven international offices.
David Nothacker, CEO and co-founder of Sennder, 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 fit for a sustainable future; ensuring transparency, flexibility and efficiency in the distribution of goods. The COVID-19 pandemic has demonstrated the importance of a digitalized logistics industry.”
Sonali De Rycker, partner at Accel commented: “It is always fantastic to see a portfolio company reach such a significant milestone. 2020 highlighted the value that Sennder’s innovative digital offering brings to the freight industry.”