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Friday, April 12, 2024

Transfix Raises $42 million



Transfix announced it has closed a $42 million round of funding to help further develop its mobile technology for the supply chain.

Earlier in 2017, Transfix launched an automated online load-booking platform for trucking fleets. The company said the system speeds delivery while lowering costs through real-time visibility, exception management, and data analytics.

It is currently working with retailers and manufacturers to optimize the logistics of truckload shipments to reduce empty miles.

“There is a lot of misinformation in the freight industry which creates pressure, impossible – and sometimes dangerous – deadlines, misdeliveries, and ultimately the failure to satisfy customers. It’s a problem that’s ecosystem-wide, not just limited to a single part or parcel. That’s why we’re focused on providing a comprehensive solution for the supply chain,” said Drew McElroy, founder and CEO of Transfix.

The company said the funding will by used to upgrade its software platform and grow its technology and enterprise sales teams. The funding was led by New Enterprise Associates (NEA).

The trucking industry “remains incredibly fragmented and opaque, and has not yet enjoyed the benefits of technology and innovation like most other industries,” said Scott Sandell, managing general partner of NEA. “Transfix is poised to change all that, providing better transparency and visibility to shippers and truckers alike, and in the process improving efficiency overall