Logistics firm DB Schenker led a $25m series D round for US-based freight shipping and software platform uShip yesterday that took the company’s total funding to about $50m.
Founded in 2003, uShip operates an online marketplace for shipping, transport and freight that spans 19 countries. It will use the series D cash to further develop its logistics software platform, which it will supply to shipping businesses that want to add to their loads.
Schenker’s participation in the round comes seven months after the firm licensed uShip’s technology to power its online trucking platform, Drive4Schenker, through a five-year partnership agreement.
Jochen Thewes, Schenker’s chief executive, 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.”
Benchmark provided uShip with seed funding in 2005 before joining fellow venture capital firm DAG Ventures for a $5.1m round the following year. Kleiner Perkins Caufield & Byers led the company’s $18m series C round in 2012.