Transfix Secures $42 Million

Fintech startup Transfix announced the close of $42 million in Series C financing. Four investors participated in the funding, among them New Enterprise Associates, Canvas Venture Fund, and Lerer Hippeau Ventures.

Transfix provides free industry-leading technologies and ethical brokerage services to independent truck drivers and small carriers to help them compete with corporate trucking giants. The company partners with forward-thinking shippers and provides them with fully automated load matching, web-based tools, real-time shipment visibility, and proven cost savings.

Transfix is part of the “Uber for Trucking”​ movement, which seeks to gain efficiencies and cost savings by digitizing the process of booking and shipping truckloads. The company’s technology marketplace and mobile app connect shippers and carriers with the goal of providing a better experience for all with transparency and trust.

The company revealed that it will use the funds to continue development of its software platform and expand its technology and enterprise sales teams.