NEW YORK, NY, Logistics intelligence software and truckload marketplace enabling efficient commerce, today announced that they have closed a $42 million Series C round of funding.
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Transfix, the logistics intelligence software and truckload marketplace enabling efficient commerce, today announced that they have closed a $42 million Series C round of funding, led by New Enterprise Associates (NEA). Additional participants in the round include Canvas Ventures, Lerer Hippeau Ventures and other strategic investors. Transfix will use the funds to further develop its software platform and grow its technology and enterprise sales teams.
Transfix creates value for its customers, carriers, drivers, and society at large by eliminating waste in the supply chain through mobile technology, machine learning, and big data analytics. The platform enables shippers to amplify their existing carrier relationships with Transfix's contracted carriers, and provides real-time visibility, exception management, and data analytics to facilitate informed decision making. This speeds delivery of goods while lowering costs throughout the supply chain.
"Long haul trucking and logistics make up almost one percent of the U.S. economy," said Scott Sandell, managing general partner, NEA. "Trucking as a job classification outnumbers any other in the country. At the same time, this industry remains incredibly fragmented and opaque, and has not yet enjoyed the benefits of technology and innovation like most other industries. Transfix is poised to change all that, providing better transparency and visibility to shippers and truckers alike, and in the process improving efficiency overall. The Transfix team brings a unique combination of deep domain expertise and technical sophistication. Not surprisingly, they have met with a tremendous reception in the marketplace, working with marquis customers as well as tens of thousands of truckers."
Transfix is currently working with many of the world's largest retailers, consumer-packaged goods (CPG) brands and manufacturers to streamline and optimize full truck load shipment logistics. This complete view of truckload freight allows for lower costs for both shippers and carriers and dramatically fewer miles driven empty. In turn, it increases the availability of goods, with less impact on infrastructure and the environment.
"There is a lot of misinformation in the freight industry which creates pressure, impossible - and sometimes dangerous - deadlines, misdeliveries, and ultimately the failure to satisfy customers. It's a problem that's ecosystem-wide, not just limited to a single part or parcel. That's why we're focused on providing a comprehensive solution for the supply chain," said Drew McElroy, founder and CEO, Transfix. "We're thankful to our partners for enabling us to provide our customers with opportunities to uncover hard and soft cost savings and new revenue opportunities for shippers and carriers alike."
Earlier this year, Transfix launched the first automated, online load booking capabilities for carriers.
"The supply chain has so many variables, making it an exceptionally difficult - and exciting - dilemma to solve," said Jonathan Salama, co-founder and chief technology officer, Transfix. "Automation and machine-learning are at the core of our solution. We look forward to expanding our capabilities and resources with the best and brightest software engineers to offer the most advanced logistics technology available."
Transfix provides a new level of transparency, automation and efficiency to the $726 billion full-truck- load shipping industry, which until now has been largely dependent on paper, phone and fax for booking and managing loads. We simplify the supply chain for shippers by streamlining data for all shipments on a single platform to empower them to make informed decisions that optimize time and revenues. Launched in August 2013, Transfix has raised $78.5 in capital and is backed by top VC firms in NYC and San Francisco, including Canvas, NEA, Lerer Hippeau Ventures, Founder Collective and Bowery Capital. Transfix is headquartered in New York City.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions.