How Much Did NEXT Trucking Raise? Funding & Key Investors

NEXT Trucking has successfully raised funding over five rounds, with the latest being a Venture - Series Unknown round. The company is backed by 12 investors, including notable names like Gaingels and Sequoia Capital.

Keep reading to explore the intricacies of NEXT Trucking's fundraising journey and the investors backing this innovative platform.

What Is NEXT Trucking?

NEXT Trucking operates a digital freight marketplace that connects shippers with freight capacity across drayage, transload, and OTR (Over The Road). The company is based in El Segundo, California, and falls under the categories of Freight Service and Marketplace.

Founded in an unspecified year, NEXT Trucking has grown to employ between 101-250 people. The company leverages technology to provide intelligent, frictionless, and global freight solutions, focusing on reducing costs, delivery times, and CO2 emissions while increasing carrier revenue.

How Much Funding Has NEXT Trucking Raised?

1. Seed Round
   • Amount Raised: USD 1,100,000
   • Date: February 2016
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial platform and gain early traction in the market.
2. Series A
   • Amount Raised: USD 5,000,000
   • Date: March 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance the technology platform.
3. Series B
   • Amount Raised: USD 21,000,000
   • Date: January 2018
   • Lead Investors: Sequoia Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and accelerate product development.
4. Series C
   • Amount Raised: USD 97,000,000
   • Date: January 2019
   • Lead Investors: Brookfield Growth
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand technology, operations, and sales teams, and to launch a new service called Relay.
5. Series Unknown
   • Amount Raised: Not publicly disclosed
   • Date: January 2022
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To continue scaling and improving the platform.

Total Amount Raised: USD 124,100,000

Current Valuation: Not publicly disclosed

Key Investors

• Gaingels
  • Details: Gaingels is a network of investors that focuses on supporting and funding companies with diverse leadership. They aim to promote inclusivity and diversity in the business world.
  • Investment Focus Areas: Diverse leadership, inclusive teams.
  • Notable Investments: Known for investing in companies with diverse leadership.
• Sequoia Capital
  • Details: Sequoia Capital is a venture capital firm that invests in early and growth-stage companies. They have a strong track record of backing successful tech companies.
  • Investment Focus Areas: Technology, healthcare, consumer, financial services.
  • Notable Investments: Apple, Google, Oracle, PayPal, LinkedIn, WhatsApp.
• Brookfield Ventures
  • Details: Brookfield Ventures is the venture capital arm of Brookfield Asset Management, a global alternative asset manager. They focus on long-term investments in various sectors.
  • Investment Focus Areas: Technology, real estate, infrastructure, renewable power, private equity.
  • Notable Investments: Real estate projects, renewable energy projects, infrastructure developments.
• GLP
  • Details: GLP is a global investment manager specializing in logistics and real estate. They focus on creating value through logistics facilities and technology-driven solutions.
  • Investment Focus Areas: Logistics, real estate, technology, infrastructure.
  • Notable Investments: Large-scale warehouse facilities, technology-driven logistics solutions.

What's Next for NEXT Trucking?

With the recent $97 million Series C funding, NEXT Trucking is poised to capitalize on significant opportunities in the logistics industry. The company plans to expand its technology and operations, launch the Relay service to address port congestion, and hire over 150 new employees. These steps are crucial as the trucking industry, generating over $700 billion in revenue, faces increasing pressure from driver shortages and operational inefficiencies.

Future fundraising opportunities seem promising, given the substantial backing from prominent investors like Brookfield Ventures and Sequoia Capital. However, challenges such as nationwide driver shortages and competition from other logistics startups, including Uber Freight, could pose hurdles. Despite these challenges, NEXT Trucking's focus on innovation and addressing critical logistics issues positions it well for continued growth and potential future funding rounds.

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