Sennder Raises $80M at $1B+ Valuation - Freight Forwarder News

Freight Forwarding and the Rise of Digital Platforms

The organization of global shipping, and the technology that facilitates this process – known as freight forwarding – remains a significant sector within the logistics industry. This is largely driven by the substantial growth in e-commerce experienced recently, coupled with the increased necessity for streamlined movement of goods prompted by the COVID-19 pandemic.

Sennder Secures $80 Million in Funding

Sennder, a digital freight forwarder specializing in European cargo transport, particularly full truck load (FTL) shipments, has announced a new funding round of $80 million. This investment brings the company’s valuation to over $1 billion.

Based in Berlin, Sennder has actively been raising capital throughout the year. Following a $160 million round in January, this latest funding closes its Series D. Baillie Gifford spearheaded this Series D extension, with participation from Hedosophia, Accel, Lakestar, HV Capital, Project A, and Scania, all of whom contributed to the prior Series D phase.

A Competitive Landscape

With total funding now exceeding $350 million, Sennder is among the most heavily funded companies in the freight forwarding space. However, the sector is currently experiencing considerable activity. Zencargo, another European firm, recently secured $42 million in funding last month. Flexport, based in the U.S., represents further competition within the market.

Strategic Growth Through Acquisition

Sennder is pursuing both organic growth and strategic acquisitions to expand its reach, reflecting both market dynamism and existing fragmentation. The acquisition of Cars&Cargo in May bolstered its presence in France and the Benelux region.

Previous acquisitions include Uber Freight Europe and Everoad in 2020. Furthermore, the company maintains a joint venture with Poste Italiane, Italy’s national postal service. Sennder currently operates a network of eight hubs across Europe.

Expanding the Network and Digital Offerings

The company intends to continue pursuing acquisitions to broaden its network, which currently encompasses 12,500 trucks. Sennder collaborates with 10 companies listed on the German DAX 30 and 11 on the Euro Stoxx 50, and anticipates handling over 1 million truckloads in 2021.

Statements from Leadership

“We are delighted to have carried our momentum from 2020 into 2021, having already made one acquisition and signed several strategic partnerships,” stated David Nothacker, CEO and co-founder of sennder. “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 capitalize on the right opportunities.”

Stephen Paice, co-manager of Baillie Gifford European Growth Trust PLC, added: “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.”