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February 16, 2017 4:00 PM, EST
DB Schenker Buys $25 Million Stake in UShip
uShip

Third-party logistics provider DB Schenker purchased a $25 million stake in online freight intermediary uShip, strengthening a partnership between the companies that work on a joint European venture.

Schenker, owned by German company Deutsche Bahn AG, reached an exclusive agreement with uShip in July to form Drive4Schenker, an online trucking platform powered by uShip PRO. The program launched in Germany earlier in February, and it will roll out across Europe before the end of this year.

RELATED: Mike Williams to become next CEO at uShip

“Major players like DB Schenker are taking advantage of technology that will automate and digitize their operations, helping them maintain market leadership and evolve with demand,” uShip CEO Mike Williams said. “It’s a thrilling time to be at the leading edge of this logistics transformation and to deepen our partnership through DB Schenker’s strategic investment.”

A uShip spokeswoman declined to say how much equity ownership DB Schenker would receive through the investment.

The Austin, Texas, freight marketplace provider has raised $50 million to date, with previous investments from Benchmark Capital, DAG Ventures and Kleiner Perkins Caufield Byers.

DB Schenker USA ranks No. 17 on the Transport Topics Top 50 list of the largest logistics companies in North America.