A few months after buying Uber’s European on-demand freight business, the German on-demand freight startup Sennder has raised a new funding round of $160 million at a valuation of over $1 billion. The round was led by an unnamed investor, with participation from other known investors like Accel, Lakestar, Scania, and HV Capital.

Sennder will put the new funds towards expanding in the lucrative European freight and logistics sector, which has a market size of over $400 billion. The company has allocated $100 million from the $160 million round towards expanding its proprietary technology.

Sennder was founded five years ago and has since then scaled its headcount to more than 800 employees. The company says it’ll move over 1 million truckloads this year, making it the number one on-demand freight forwarder in Europe.

Sennder is based in the German city of Berlin, a known haven for startups in the country.

With its new funds, Sennder has now raised a total of $260 million in venture funding. It’s cemented its place as one of the highest-funded startups in Europe.

Photo: Sennder Co-Founder and CEO David Nothacker, credit: Hubert Burda Media is licensed under CC BY-NC-SA 2.0

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