Transfix announces $22M Series B funding

by Wellesley Daniels
July 26, 2016

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.

Know of a company that deserves coverage? Let us know or tweet us @builtinnewyork.

Jobs at Transfix13 open jobs
All Jobs
Finance
Data + Analytics
Dev + Engineer
HR
Marketing
Product
Sales
HR
new
Transfix
New York
Product
new
Transfix
New York
Sales
new
Transfix
New York
Marketing
new
Transfix
New York
Developer
new
Transfix
New York
Data + Analytics
new
Transfix
New York
HR
new
Transfix
New York
Product
new
Transfix
New York
Data + Analytics
new
Transfix
New York
Marketing
new
Transfix
New York
Finance
new
Transfix
New York
Data + Analytics
new
Transfix
New York
Developer
new
Transfix
New York

NYC startup guides

LOCAL GUIDE
Best Companies to Work for in NYC
LOCAL GUIDE
Best Software Engineer Jobs in NYC
LOCAL GUIDE
Coolest Tech Offices in NYC
LOCAL GUIDE
Best Sales Jobs in NYC
LOCAL GUIDE
Best Benefits at NYC Tech Companies
LOCAL GUIDE
Best Data Analyst & Data Science Jobs in NYC
LOCAL GUIDE
Best Design Jobs in NYC
LOCAL GUIDE
Best Marketing Jobs in NYC
Developer Jobs
View 662 jobs
Design + UX Jobs
View 140 jobs
Marketing Jobs
View 249 jobs
Product Jobs
View 138 jobs
Sales Jobs
View 351 jobs
Data Jobs
View 197 jobs