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Transfix struggles to raise $50M Series F at 60% reduced valuation, amid weak freight market conditions.
Transfix, a digital freight marketplace, is seeking to raise a $50 million Series F at a $376 million valuation, a stark 60% decrease from its $940 million valuation from its previous funding round in March 2020. The drop is said to be a result of market forces, with the company reportedly securing $30 million of the target sum from New Enterprise Associates (NEA) and G-Squared, while still seeking the remaining $20 million from additional investors.
Attempted Recovery
Transfix's push for private financing comes after the company decided not to go public in a special purpose acquisition company (SPAC) combination with G-Squared. The hope was to achieve a $1.1 billion valuation through the public offering. However, despite the downturn, Transfix remains hopeful of closing the funding round in September. The company's leadership also saw a change in March, with CEO Lily Shen stepping down and co-founder and CTO Jonathan Salama taking over.
Source: FreightWaves
Plus, a carrier pleading guilty to mob money laundering while still FMCSA-active, Iran's first post-ceasefire attack and what it means for diesel surcharges, FedEx Freight's first earnings as a standalone company, and more in today's newsletter.
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