Ambitious Plans Unveiled
Germany-based Sennder merged with another digital freight forwarder, Everoad, last year and acquired Uber’s European freight business. The startup said it plans to transport a million truckloads in 2021.
“Business was very strong in 2020, which is the reason why we had an opportunity to raise more money,” chief executive and co-founder David Nothacker said.
All of the company’s deals from 2020 helped cut risk for Sennder’s investors, Nothacker said. Participants of the latest funding round include Accel, Lakestar, HV Capital, Project A, and Scania. Until now, the company has raised more than $260 million.
Sennder’s specialty lies in broking full-truck loads, which is a segment that represents around a third of the entire freight sector in Europe. Previously, companies that operate in this sector included small trucking firms that did work with pen and paper.
“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,” Nothacker added.
Apart from only offering freight forwarding services to popular shippers in Germany, Sennder is looking to provide its software platform to shippers in order to help them digitise their logistics setup.
In Italy, Sennder handles parcel traffic for the national postal service provider Poste Italiane, helping it save 6% in costs while making a profit for itself.
When asked about its future prospects, Sennder said it aims to reach sales of €2 billion ($2.42 billion) over the next five years. The company makes a profit of around €400 to €500 ($485 - $606) per truckload, suggesting forecast sales of about €500 million ($606 million) in 2021.
The business currently has around 800 employees and seven offices around the world. Furthermore, the company now provides transport services to more than ten companies listed in the German DAX 30, as well as 11 companies listed in the Euro Stoxx 50.
Digital freight startup Sennder has raised $160 million in a Series D round, bringing its valuation to over $1 billion. The company plans to use the proceeds to grow its platform and expand its business into the European market.
About the Author
Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.