Transfix Receives $22 Million in Funding
Transfix, which matches shippers and carriers through the internet, has received $22 million in funding, led by New Enterprise Associates.
New York-based Transfix said in a statement that the Series B funding includes NEA as the latest investor, Canvas Ventures, Lerer Hippeau Ventures and Corigin Ventures.
The capital would be used to enhance technology and build out its service to the truckload industry by matching freight with available trucking capacity in an effort to lower shipping costs, according to Transfix.
鈥淲e鈥檝e begun to dramatically change a massive industry, and we鈥檙e only just getting started,鈥 CEO Drew McElroy said. 鈥淲ith the help of our customers, carriers and drivers, we are leveraging technology and data to do some really exciting things.鈥
The technology includes a mobile app for drivers to communicate shipment details such as delivery, while carriers and shippers are also receiving technology to arrange and manage shipments, according to a company statement.
鈥淭ransfix has differentiated themselves in a space, which is expected to grow more than 20% in the next decade,鈥 said Scott Sandell, NEA鈥檚 managing general partner, who will be joining the Transfix board.
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