NEXT Raises $97 Million to Drive the Future of Logistics Forward
LYNWOOD, Calif., Jan. 23, 2019 (GLOBE NEWSWIRE) -- NEXT, the technology company that connects shippers and carriers to meet today’s growing transportation demands, announced today that it has secured $97 million in a series C round of financing led by Brookfield Ventures, with participation from Sequoia Capital, GLP, and others, bringing NEXT’s total capital raised to more than $125 million.
“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,” said Lidia Yan, CEO at NEXT. “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.”
NEXT will use the funds to accelerate product innovation and launch Relay, a new service designed to address the systemic congestion at shipping ports like the ports of Los Angeles and Long Beach, which account for more than 30% of all U.S. imports. Relay is designed to bring efficiency and expanded capacity for drayage, the process of moving goods from ports to a shipper’s warehouse. By combining NEXT’s virtual fleet and freight marketplace with owned yards, Relay effectively increases the number of trips that trucks can make to and from port, resulting in faster deliveries for shippers and greater earning potential for drivers.
Relay is currently live at NEXT’s Gardena, CA facility and has already seen early success in pilot. With Relay, drayage drivers increase earnings by up to 20 percent, while local drivers increase earnings by up to 50 percent. On the supplier side, NEXT customers have seen 167 percent more containers pulled per truck.
In addition to the new Relay service, NEXT will leverage the funds from this round to expand their technology, operations, and sales teams and expects to open more than 150 new positions in 2019.
“As the owners of 37 ports worldwide and the first fully automated terminal operator at the Port of Los Angeles, Brookfield knows first-hand the unique and complex challenges impacting the transportation and logistics sectors,” said Josh Raffaelli, Managing Director at Brookfield Ventures. “We are excited to partner with NEXT and are confident that its differentiated technology, strong customer base, and proven execution will enable the company to advance its position as a true innovator in this critical area. We are eager to work with NEXT’s talented management team and identify new areas of growth.”
“NEXT continues to address the critical issues that face logistics management in the US -- from the nationwide driver shortage to congestion and operations at our busiest ports,” said Omar Hamoui, partner at Sequoia. “We’ve been impressed with NEXT’s ability to execute, and the introduction of Relay proves they have the team and expertise to continue innovating in ways that will ease the pain points of carriers and shippers. We’re thrilled to continue our partnership with NEXT as they enter this next phase of growth.”
About NEXTNEXT is a technology company that connects shippers and carriers to meet today’s growing transportation demands. With smart matching and predictive load technologies, NEXT matches truck drivers with capacity to available loads, streamlining the process and providing drivers with full control over their careers. With the best talent from both the technology and logistics industries, NEXT is developing innovative solutions to solve today’s biggest transportation challenges.
To learn more about NEXT, visit www.nexttrucking.com.
About Brookfield Ventures Brookfield Ventures is the technology investing arm of Brookfield Asset Management. Founded in 2017, Brookfield Ventures seeks to partner and invest growth equity into market leading technology companies that can leverage the diverse real assets and operating businesses that make up the $330+ billion Brookfield economy.
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