When we last checked in on Transfix in late 2015, the then two-year-old, 26-person, New York-based transportation startup was determined to use its tech to increasingly match customers needing interstate freight shipping with truck drivers needing to make deliveries.
It wanted to cut out wasted travel, not to mention greenhouse gas emissions.
The company has been chugging along ever since, evidently. Transfix, which now employs 110 people, just closed on $42 million in Series C funding led by previous backer New Enterprise Associates, with participation from unnamed strategic investors with “strong ties to the retail and logistics world,” says the company.
Altogether, it has now raised $78.5 million, including from earlier backers Canvas Ventures, Lerer Hippeau Ventures and Bowery Capital.
What do these investors get for their investment? Transfix says its fleet management system does a whole lot of things, including enables users to track shipments, SMS drivers, receive alerts when a shipment will be delayed and calculate drivers’ fuel taxes. It says its transaction time is now almost half what it was back in 2015, too.
The company has also more recently launched an online marketplace platform so carriers can ostensibly select loads in a more efficient way based on the price they prefer, rather than merely allowing Transfix to make a match for…