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Transfix Raises US$42 Million Series C Funding Round

July 12, 2017

FOR IMMEDIATE RELEASE

SILICON VALLEY—July 12, 2017—O’Melveny represented Transfix, Inc., the leading provider of on-demand trucking, in a US$42 million Series C funding round led by previous investor New Enterprise Associates, along with several other strategic and financial investors. The company has now raised US$78.5 million.

The O’Melveny team was led by partners Warren Lazarow and Paul Sieben, counsel Christopher Hagenbuch, and associate Annie Woodworth.

About O’Melveny
O’Melveny’s clients shape markets, set precedents, and break boundaries. They are stalwarts and innovators, the names you trust, and the next big thing. And for more than a century, O’Melveny has been right beside them, punching through walls and putting up defenses to help our clients achieve their most important goals. With approximately 700 lawyers in 15 offices worldwide guided by the principles of excellence, leadership, and citizenship, we uphold a tradition of treating our clients’ challenges and opportunities as our own. What do you want to achieve? For the answers, please visit www.omm.com.

Contact:
Julie Fei
O’Melveny & Myers LLP
213.430.7792
jfei@omm.com

Emily Lattal
O’Melveny & Myers LLP
212.326.2285
elattal@omm.com


The following release was issued by Transfix:

Transfix Raises $42 Million Series C Led by NEA 

Logistics Automation Gains Momentum with Follow-On Investments; Focus on Enhancing Software Capabilities

NEW YORK, July 12, 2017 /PRNewswire/ -- Transfix, the logistics intelligence software and truckload marketplace enabling efficient commerce, today announced that they have closed a $42 million Series C round of funding, led by New Enterprise Associates (NEA). Additional participants in the round include Canvas Ventures, Lerer Hippeau Ventures and other strategic investors. Transfix will use the funds to further develop its software platform and grow its technology and enterprise sales teams.

Transfix creates value for its customers, carriers, drivers, and society at large by eliminating waste in the supply chain through mobile technology, machine learning, and big data analytics. The platform enables shippers to amplify their existing carrier relationships with Transfix's contracted carriers, and provides real-time visibility, exception management, and data analytics to facilitate informed decision making. This speeds delivery of goods while lowering costs throughout the supply chain. 

"Long haul trucking and logistics make up almost one percent of the U.S. economy," said Scott Sandell, managing general partner, NEA. "Trucking as a job classification outnumbers any other in the country. At the same time, this industry remains incredibly fragmented and opaque, and has not yet enjoyed the benefits of technology and innovation like most other industries. Transfix is poised to change all that, providing better transparency and visibility to shippers and truckers alike, and in the process improving efficiency overall. The Transfix team brings a unique combination of deep domain expertise and technical sophistication. Not surprisingly, they have met with a tremendous reception in the marketplace, working with marquis customers as well as tens of thousands of truckers."

Transfix is currently working with many of the world's largest retailers, consumer-packaged goods (CPG) brands and manufacturers to streamline and optimize full truck load shipment logistics. This complete view of truckload freight allows for lower costs for both shippers and carriers and dramatically fewer miles driven empty. In turn, it increases the availability of goods, with less impact on infrastructure and the environment. 

"There is a lot of misinformation in the freight industry which creates pressure, impossible - and sometimes dangerous – deadlines, misdeliveries, and ultimately the failure to satisfy customers. It's a problem that's ecosystem-wide, not just limited to a single part or parcel. That's why we're focused on providing a comprehensive solution for the supply chain," said Drew McElroy, founder and CEO, Transfix. "We're thankful to our partners for enabling us to provide our customers with opportunities to uncover hard and soft cost savings and new revenue opportunities for shippers and carriers alike."

Earlier this year, Transfix launched the first automated, online load booking capabilities for carriers.
"The supply chain has so many variables, making it an exceptionally difficult – and exciting – dilemma to solve," said Jonathan Salama, co-founder and chief technology officer, Transfix. "Automation and machine-learning are at the core of our solution. We look forward to expanding our capabilities and resources with the best and brightest software engineers to offer the most advanced logistics technology available."

About Transfix
Transfix provides a new level of transparency, automation and efficiency to the $726 billion full-truck- load shipping industry, which until now has been largely dependent on paper, phone and fax for booking and managing loads. We simplify the supply chain for shippers by streamlining data for all shipments on a single platform to empower them to make informed decisions that optimize time and revenues. Launched in August 2013, Transfix has raised $78.5 in capital and is backed by top VC firms in NYC and San Francisco, including Canvas, NEA, Lerer Hippeau Ventures, Founder Collective and Bowery Capital. Transfix is headquartered in New York City.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions.
For additional information, visit www.nea.com

Contact:
Sarah Leibowitz
Spark for Transfix
transfix@sparkpr.com
516.384.4531

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