Total amount raised
$169 Millions
Latest funding date
10/01/2023
Location
Transfix has successfully raised funds through multiple rounds, with the latest being a Series F round closed on October 19, 2023. The company is backed by 17 investors, including notable names like New Enterprise Associates and Canvas Ventures.
Keep reading to explore the intricacies of Transfix's fundraising journey and the investors backing this innovative platform.
What Is Transfix?
Transfix, founded in August 2013, is a New York-based company specializing in modern supply chain management. The company was established by Drew McElroy, Jonathan Salama, and Prabhat Supekar.
Operating within the B2B, freight service, logistics, SaaS, supply chain management, and transportation industries, Transfix employs between 101 and 250 people. The company leverages its Intelligent Freight Platform™ to enhance supply chain performance through AI-driven freight matching and advanced software solutions.
How Much Funding Has Transfix Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: July 2014
- Lead Investors: Bowery Capital, Lerer Hippeau
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the Intelligent Freight Platform™ and establish a market presence.
- Debt Financing
- Amount Raised: $501K
- Date: May 2015
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and early-stage growth.
- Series A
- Amount Raised: $12M
- Date: November 2015
- Lead Investors: Canvas
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the customer base.
- Series B
- Amount Raised: $22M
- Date: July 2016
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and increase market penetration.
- Series C
- Amount Raised: $42M
- Date: July 2017
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the Intelligent Freight Platform™ and expand service offerings.
- Series D
- Amount Raised: $50M
- Date: December 2018
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve operational efficiency.
- Secondary Market
- Date: January 2021
- Lead Investors: Manhattan Venture Partners (MVP)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series F
- Amount Raised: $40M
- Date: October 2023
- Lead Investors: New Enterprise Associates, G Squared
- Valuation at Round: $376M
- Motivation Behind the Round: To strengthen financial position and pave the way for profitability.
Total Amount Raised: $168M. Current Valuation: $376M.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in technology and healthcare companies. Founded in 1977, it has a long history of supporting innovative startups.
- Investment Focus Areas: Technology, healthcare, software.
- Notable Investments: Robinhood, Coursera, Duolingo.
- G Squared
- Details: G Squared is a venture capital firm that focuses on investing in growth-stage technology companies. The firm is known for its strategic investments and support for scaling businesses.
- Investment Focus Areas: Technology, e-commerce, fintech.
- Notable Investments: Lyft, Spotify, Coursera.
- Canvas Ventures
- Details: Canvas Ventures is a venture capital firm that invests in early-stage technology companies. The firm aims to support entrepreneurs with innovative ideas and strong growth potential.
- Investment Focus Areas: SaaS, fintech, digital health.
- Notable Investments: Zola, Roofstock, Everwise.
- Manhattan Venture Partners (MVP)
- Details: MVP is a research-driven merchant bank specializing in secondary market transactions. The firm provides liquidity solutions for early investors and employees of high-growth private companies.
- Investment Focus Areas: Technology, consumer internet, enterprise software.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Lerer Hippeau
- Details: Lerer Hippeau is a New York-based venture capital firm that invests in early-stage companies. The firm has a diverse portfolio and a strong presence in the startup ecosystem.
- Investment Focus Areas: Media, e-commerce, healthcare.
- Notable Investments: BuzzFeed, Warby Parker, Glossier.
What's Next for Transfix?
Transfix stands at the cusp of significant opportunities, driven by its mission to address inefficiencies in the long-haul freight industry. With its Intelligent Freight Platform™, the company aims to solve issues like information asymmetry and high empty miles, positioning itself as a key player in the digital transformation of logistics.
The recent $40 million Series F funding round not only strengthens Transfix's financial position but also signals potential for future fundraising. Investors' confidence in the company's innovative solutions and strategic direction suggests that additional capital could be secured to further scale operations and enhance technology.
However, challenges remain. The freight market is currently facing tough conditions, including a driver shortage and economic pressures. Maintaining growth and profitability in such a competitive landscape will require continuous innovation and strategic execution. Despite these hurdles, Transfix's focus on leveraging advanced technology and data-driven solutions positions it well for future success.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Transfix and gather other critical business insights.
Sign up for free to start transforming your sales approach today.
