uShip receives $25m in series D funding to automate logistics operations
uShip has closed a $24m series D round led by DB Schenker, an existing partner of uShip.
DB Schenker’s funding comes on the heels of unprecedented investment in logistics and supply chain technology.
Since 2015, top pure-play logistics corporations have made 26 investments and/or acquisitions (13 each year), while logistics tech startups were on pace (as of October) to raise $5bn through over 300 deals in 2016, according to CB Insights.
uShip has now raised $50m to date, with previous rounds led by Benchmark Capital (2005, 2007), DAG Ventures (2007), and Kleiner Perkins Caufield Byers (2013).
Last July, DB Schenker and uShip announced a milestone five-year agreement worth tens of millions to create ‘Drive4Schenker,’ an online trucking platform, powered by uShip PRO, uShip’s enterprise freight automation technology.
Earlier this month, ‘Drive4Schenker’ launched in Germany and will continue to roll out across Europe, optimizing management of 5,000 loads per day with 30,000 DB Schenker transport providers.
Schenker CEO Jochen Thewes said: "Expanding our successful partnership will expedite and streamline transport management and help us, as a market leader in European land transport, to handle even larger volumes of freight.
"We also intend to quickly develop and tap new opportunities to grow outside of our traditional business models. This is our largest equity interest in a digital company to date and it shows how serious we are about innovation at DB Schenker. We're investing in shaping the future of digital logistics.”
uShip plans to use the investment to accelerate development of its logistics software platform for key business segments, including high-volume enterprise shippers and small and midsize businesses (SMB) shipping less-than-truckload (LTL) freight.
uShip CEO Mike Williams said: “Major players like DB Schenker are taking advantage of technology that will automate and digitize their operations, helping them maintain market leadership and evolve with demand.
“It’s a thrilling time to be at the leading edge of this macro transformation and to deepen our partnership through DB Schenker’s strategic investment.”
uShip board executive chairman Jim Martell said: “The industry continues to see unprecedented investment in logistics technology that’s driving innovation and disruption never seen before, making transport faster, easier, more efficient, and ultimately more profitable."
Source: Company Press Release