[Markets] NEXT Trucking Lays Off Staff To Focus On Growth Areas A Year After $97M Raise

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Freight startup NEXT Trucking laid off 19 percent of its staff earlier this month, the company confirmed.

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The layoffs, which were first reported by Business Insider, comes just about a year after the  trucking tech company raised $97 million for its Series C round.

The company connects shippers with truck drivers to create a more efficient way to transport goods. NEXT was founded in 2015 and is based in El Segundo, California.

“NEXT has made the difficult decision to undertake a restructuring, deprecating our least profitable business units in order to focus on growth areas,” NEXT spokesman Mike Bush said in an email. “We’re completing a pilot program in the New York/New Jersey Port, and will begin aggressive growth there soon. We remain committed to being the freight technology partner-of-choice for our shipper customers and the most driver-centric marketplace for our carriers, and the decision positions us to more effectively deliver on these promises.We don’t anticipate any disruption of service for our carrier partners.”

Shipping is becoming a popular area to receive venture dollars recently. Another startup that matches shippers with drivers, Convoy, raised $400 million for its Series D in November, and Uber has expanded into the freight space in recent years as well.

NEXT Trucking is among a slew of venture-backed tech startups to shed staff this month. The layoffs brings its headcount from about 370 employees to 300, according to Business Insider.

The company raised $21 million for its Sequoia Capital-led Series B in January 2018. Brookfield Asset Management led its most recent round last January.

Illustration: Dom Guzman

The post NEXT Trucking Lays Off Staff To Focus On Growth Areas A Year After $97M Raise appeared first on Crunchbase News.

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