NEXT operates an online marketplace that connects shippers and carriers to match freight with available carriers. The company was founded in 2015 by Lidia Yan and Elton Chung and is headquartered in Lynwood, California. NEXT plans to use new funding to hire 150 employees in 2019 and to complete the launch of Relay, a service aimed at addressing port congestion. The logistics sector has faced capacity strains, which NEXT cites as a driver of demand for its services. Financially, the company has now raised a total of $125 million to date, with prior capital including a $21 million round in January 2018. The company declined to disclose the valuation for the new round or whether the financing included any debt. NEXT Trucking operates an online trucking marketplace and mobile app that connects shippers, dispatchers, and owner-operators using intelligent matching based on preferred routes, rates, and other data-driven touch points. The platform targets drivers at small- and medium-sized trucking companies, enabling them to select routes and negotiate pricing directly from their smartphones. Company leadership reports strong adoption among owner-operators and small fleets. The NEXT Trucking family has been in the logistics business for over 15 years and operates one of the largest HDTV distribution centers in Southern California. To support growth and operations, NEXT uses Pacific Mercantile Bank’s depository products, business credit cards, and cash management services and recently secured an $11 million credit facility from the bank. The article also cites a prior $21 million investment led by Sequoia Capital that accelerated the company’s growth. Led by CEO Lidia Yan, Next Trucking operates a technology platform that matches carriers and shippers using routes, pricing, driver behavior and other intelligent matching algorithms. Truckers post their availability on the marketplace and dictate preferences before connecting with shippers. Shippers gain access to a virtual fleet of independent carriers and visibility into shipments via a Shipment Dashboard showing timelines, route information, cost summaries, locations and shipment status. Fleet managers can use the platform to book and dispatch loads and share capacity within the network. The company secured a $21m Series B, signaling continued investor support and capital for growth. Sequoia Capital led the round and will take a board seat through partner Omar Hamoui.

Total raised

$129M

Funding rounds

3

Latest round

Series C

Latest activity

Jan 2019