- Launched in 2015, German freight technology Sennder will be merging with France-based Everoad in a stock-based deal
Launched in 2015, German freight technology Sennder will be merging with France-based Everoad in a stock-based deal. In July 2019, Sennder raised $70 million in Series C funding at a valuation of around $300 million.
“France is an important but difficult market that we have been handling from Germany. We realised we needed to do something there if we want to achieve our turnover goal,” said Sennder CEO and co-founder David Nothacker in an interview with Reuters.
Sennder’s platform matches cargo with trucks and this merger would create a business that can handle about 35,000 loads per month and serve 10,000 trucking firms. The company is also planning to expand into Scandinavia and Eastern Europe once the market recovers from the stay at home orders.
Some of Sennder’s rivals include Kuehne und Nagel and Uber Freight. Everoad had raised €17.5 million before the merger.
The combined company will have around 350 employees working in offices across 6 countries. The merger is expected to help the companies save money. And the combined company is aiming to hit €1 billion by 2024.