Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Freight startup Sennder raises another $80 mln, decides against SPAC deal

06/01/2021 | 03:00am EDT

BERLIN, June 1 (Reuters) - Digital freight startup Sennder on Tuesday said it had raised a further $80 million from investors to expand its business, having decided against going public via a merger with a listed blank-cheque company.

The extra money came through an extension of a venture round through which Sennder - Europe's leading digital freight forwarder - had raised $160 million in January which valued the business at more than $1 billion.

CEO and co-founder David Nothacker said the funding, led by Baillie Gifford, broadened Sennder's investor base with a fund manager known for backing companies planning to float - which he said the Berlin startup wanted to do in a few years.

Sennder had held talks with a number of Special Purpose Acquisition Companies (SPACs) - listed shell companies that offer a more direct route to the stock market than a traditional initial public offering - but that option was now off the table.

"With this extra funding, it wouldn't make too much sense to go public via a SPAC," Nothacker told Reuters in an interview.

Sennder, founded in 2015, has emerged as a consolidator in Europe's freight-tech sector, merging with France's Everoad and buying Uber's European freight business last year.

Its technology platform matches full-truck loads with actual trucks, a process that has traditionally relied on small trucking companies working with phone, pen and paper.

This type of broking business accounts for around a third of Europe's $350 billion freight sector. Sennder has 12,500 trucks on its platform and expects to move more than 1 million loads this year.

Nothacker said that Sennder was prepared to be acquisitive to address a shortage of capacity that has been exacerbated during the coronavirus pandemic by drivers - many from eastern Europe and the former Soviet Union - going home.

Sennder had two or three M&A deals in the pipeline: "I would expect one, if not two, deals later this year," he said. (Reporting by Douglas Busvine. Editing by Jane Merriman)

ę Reuters 2021
Latest news "Economy & Forex"
05:56pU.S. dollar, stocks dip as Fed keeps taper timing close to chest
05:53pOil settles up near $75; sharp U.S. inventory drop counters virus worry
05:34pZHEJIANG DAHUA TECHNOLOGY : Biden nominates Huawei prosecutor for key China export post
05:34pDollar Gains 0.11% to 109.91 Yen -- Data Talk
05:34pThe WSJ Dollar Index Falls 0.21% to 87.09 -- Data Talk
05:34pSterling Gains 0.19% to $1.3903 -- Data Talk
05:33pEuro Gains 0.22% to $1.1844 -- Data Talk
05:29pMorgan Stanley raises pay for junior bankers, capital markets employees - source
05:23pU.S. Senate sets Wednesday evening procedural vote on infrastructure bill
05:16pU.S. looks to leverage African diaspora in trade with Africa
Latest news "Economy & Forex"