Logistics service provider Global Logistic Properties (GLP) took part in a $97m series C round yesterday for US-based online trucking services marketplace operator Next.
The round was led by Brookfield Ventures, the venture capital arm of asset management firm Brookfield Asset Management, and included VC firm Sequoia Capital as well as unnamed investors.
Founded in 2015, Next has developed an online platform that uses smart matching and predictive load technologies to connect shippers looking to transport goods with truckers who can deliver the products.
The platform matches the two parties based on routes, pricing and driver behaviour, and also enables shippers to keep track of their booked deliveries.
Next will use the funding to support a newly launched product called Relay, which aims to help reduce congestion at shipping ports, and to expand its technology, operations and sales teams.
Lidia Yan, Next’s chief executive, said: “The logistics space is under more pressure than ever before – with more shipments coming into our ports than drivers and warehouses have the capacity to manage.
“We look forward to bringing new innovations to market to address this issue head on and growing our team with the best and brightest technology talent in Southern California.”
The round increased Next’s overall funding to more than $125m, the company said, and it comes in the wake of a $21m series B round in February 2018 that was led by Sequoia Capital.
Shea Ventures, the corporate venturing arm of real estate developer JF Shea, invested in Next’s $5m series A round in March 2017 alongside China Equity Group and angel investors including Simon Nixon.