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February 5, 2019 9:45 AM, EST

Next Secures $97 Million in Series C Round of Funding

Next, a company that uses smart matching and predictive load technologies to connect shippers and carriers, announced it has secured $97 million in its Series C round of funding. The round was led by Brookfield Ventures, with participation from Sequoia Capital, GLP and others, according to a Jan. 23 press release.

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The company, which now has raised more than $125 million, will use the funds in part to launch Relay, a service to address congestion at shipping ports. Relay will combine Next’s virtual fleet and freight marketplace with owned yards, in an effort to increase the number of trips that trucks can make to and from ports.

The service is live at Next’s facility in Gardena, Calif., and drayage drivers there have increased earnings by up to 20%, while local over-the-road drivers have increased earnings up to 50%. Additionally, Next customers have seen 167% more containers pulled per truck.

Next also will use the funding to open up more than 150 positions on its technology, operations and sales teams. — Transport Topics