MAVA Member NEA Leads Transfix’s $22M Series B
Transfix, the leading provider of on-demand trucking that some have called “Uber for trucks,” today announced $22 million in Series B funding led by new investor New Enterprise Associates (NEA). NY-based Transfix has created an online marketplace for the trucking and logistics industry, providing a platform that matches shipments with available trucks. Several existing investors also participated in the round, including Canvas Ventures, Lerer Hippeau Ventures, and Corigin Ventures. The new funding will go toward continued investment in technology and expanded product offerings to meet customer demand.
“Transfix has differentiated themselves in a space, which is expected to grow more than 20 percent in the next decade, by using a tech-first approach to the full truckload market,” said Scott Sandell, managing general partner, NEA. “Seventy percent of the trucking industry relies on brokers to help match customers to carriers, and Transfix’s technology brings much-needed innovation to the market, as well as efficiency not previously available. Drew’s family history in the trucking logistics industry has made him a knowledgeable entrepreneur in this space.”