How Much Did NEXT Trucking Raise? Funding & Key Investors

NEXT Trucking has successfully raised funds through multiple rounds, with the latest being a Venture - Series Unknown round on January 14, 2022. The company is backed by 12 investors, including prominent names like Gaingels, Sequoia Capital, Brookfield Ventures, and GLP.

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, founded on October 18, 2015, is a digital freight marketplace headquartered in El Segundo, California. The company was established by Andrew Sobko, Elton Chung, and Lidia Yan.

Operating within the freight and logistics technology industry, NEXT Trucking connects shippers with freight capacity across drayage, transload, and OTR. The company employs between 101-250 people and focuses on leveraging technology to streamline logistics operations and improve efficiency.

How Much Funding Has NEXT Trucking Raised?

1. Seed Round
   • Amount Raised: $1.1M
   • Date: February 2016
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the initial platform and begin operations.
2. Series A
   • Amount Raised: $5M
   • Date: March 2017
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
3. Series B
   • Amount Raised: $21M
   • Date: January 2018
   • Lead Investors: Sequoia Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale the platform and increase its user base.
4. Series C
   • Amount Raised: $97M
   • Date: January 2019
   • Lead Investors: Brookfield Growth
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand technology, operations, and sales teams, accelerate product innovation, and launch a new service called Relay.
5. Venture Round
   • Amount Raised: Not publicly disclosed
   • Date: January 2022
   • Lead Investors: Gaingels, Sequoia Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further develop the platform and expand market reach.

Total Amount Raised: $124.1M

Current Valuation: Not publicly disclosed

Key Investors

• Brookfield Growth
  • Details: Brookfield Growth is the venture capital arm of Brookfield Asset Management, a global asset management company with over $600 billion in assets under management. They focus on technology investments that can leverage Brookfield's extensive asset management portfolio.
  • Investment Focus Areas: Technology, real estate, renewable power, infrastructure.
  • Notable Investments: Various technology companies, infrastructure projects, renewable energy assets.
• Sequoia Capital
  • Details: Sequoia Capital is a renowned venture capital firm that invests in early and growth-stage companies. They have a history of backing successful companies like Apple, Google, and Airbnb.
  • Investment Focus Areas: Technology, healthcare, consumer services.
  • Notable Investments: Apple, Google, Airbnb, WhatsApp, LinkedIn.
• GLP
  • Details: GLP is a global investment manager specializing in logistics and real estate. They focus on modern logistics facilities and technology-driven solutions.
  • Investment Focus Areas: Logistics, real estate, technology-driven solutions.
  • Notable Investments: Logistics facilities, technology-driven logistics solutions, real estate.

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, operations, and sales teams, and launch the innovative Relay service to tackle port congestion. This expansion is set against a backdrop of a $700 billion U.S. trucking industry, highlighting the immense potential for growth.

Future fundraising opportunities seem promising, given the substantial backing from investors like Brookfield and Sequoia Capital. However, challenges such as nationwide driver shortages and operational hurdles at busy ports could pose obstacles. Despite these challenges, NEXT Trucking's focus on technology-driven solutions positions it well for continued success and potential future acquisitions.

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