Transfix, the on-demand trucking provider, announced today it has raised $22 million in Series B funding.
The round was led by New Enterprise Associates (NEA) with participation from Canvas Ventures, Lerer Hippeau Ventures and Corigin Ventures. Transfix has also welcomed Scott Sandell of NEA to its board of directors.
Otherwise known as the “Uber for trucks,” Transfix created an online marketplace that matches shipments with available trucks, using algorithms matching freight with trucks based on location to reduce the number of “empty miles” driven by truckers. Companies and their drivers are also provided free technology to improve communication and streamline the whole process. This two-sided marketplace decreases shipper cost while increasing trucker pay. This full truckload (FTL) market is worth $420 billion each year just in the U.S. Transfix stands as its leading provider.
“We are extremely excited about our partnership with NEA,” said Drew McElroy, co-founder and CEO of Transfix, in a statement. “Not only will Scott Sandell and the rest of the NEA team add great value, the additional capital will allow us to capitalize on the tremendous demand for our product. We’ve begun to dramatically change a massive industry, and we’re only just getting started. With the help of our customers, carriers, and drivers, we are leveraging technology and data to do some really exciting things.”
Since its launch in 2013, Transfix has raised $35.8 million in capital and garnered support from some of the top VC firms in New York and San Francisco.
Transfix plans to use the funding for continued investments in technology as well as growing product offerings to meet demand from customers.
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