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    Signature(s)

    Amount
    € 40,000,000
    Countries
    Sector(s)
    The Netherlands : € 2,400,000
    Spain : € 4,000,000
    France : € 4,800,000
    Germany : € 28,800,000
    Services : € 40,000,000
    Signature date(s)
    23/07/2024 : € 2,400,000
    23/07/2024 : € 4,000,000
    23/07/2024 : € 4,800,000
    23/07/2024 : € 28,800,000
    Link to source

    Summary sheet

    Release date
    26 June 2024
    Status
    Reference
    Signed | 23/07/2024
    20230277
    Project name
    Promoter - financial intermediary
    SENNDER 2 (IEU FT)
    SENNDER TECHNOLOGIES GMBH
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 40 million
    EUR 121 million
    Location
    Sector(s)
    Description
    Objectives

    The project promoter, Sennder Technologies, developed a digital freight forwarding platform that connects large shippers with small independent carriers using software technology. The loan will finance its research and development activities as well as market expansion.

    The aim is to help the company to further develop its digital freight-forwarding platform and support its international business expansion. This will improve the transparency and efficiency of its logistics as well as the use of existing road carrier capacities to reduce 'empty kilometres'.

    Additionality and Impact

    The project concerns an operation under InvestEU, and is aligned with the InvestEU objective of promoting research, development and innovation. The project is eligible in line with Annex II of the Regulation as it relates to (6)(f)advanced digital skills. European Mid-Caps suffer from systemic shortages of large, non-dilutive financing options for growth investments, both tangible and intangible. The financing of this project addresses the failure in financial markets for RDI, arising from limited access to commensurate financing because of factors such as information asymmetries, misalignment of incentives, etc. 


    The project finances the R&D programme and software developments of a leading technology company in the freight-forwarding industry. The financed developments lead to positive RDI externalities by supporting transparency and efficiency in logistics processes, enabling better utilisation of existing carrier capacities and road infrastructures in the EU. EIB provides the Mid-Cap with tailored venture debt financing, enabling the company's sustainable growth and technological edge.


    The project supports investments in Digital technologies aligned with EU policy objectives (Digital Europe Programme, Europe's Digital Decade: digital targets for 2030) and strengthening the competitiveness of the logistics sector while contributing to the Bank's Public Policy Goal "Innovation, Digital and Human Capital". The activities are expected to facilitate the accumulation and diffusion of knowledge and digital skills within Europe in a sector that has traditionally been lagging in digital competencies.


    The EIB's venture debt financing is the second transaction with the borrower and it provides a strong signalling effect on the quality of the project (facilitating other financiers), combining longer maturity and reduced the average cost of debt whilst strengthening the overall financial profile of the promoter.


    The benefit of InvestEU in this specific case is the clear enhancement of the risk capacity of the Bank. The EIB could not provide such type of financing support without support from the InvestEU guarantee.

    Environmental aspects
    Procurement

    The project activities do not fall under Annexes I and II of the environmental impact assessment (EIA) Directive 2014/52/EU (amending Directive 2011/92/EU), hence these are not subject to a mandatory EIA. The activities included in the project scope will be performed in existing buildings, therefore these are not expected to have any relevant environmental impact. However, the EIB will review such environmental details during the project appraisal.

    The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if after the project appraisal the EIB were to conclude that the promoter is after all subject to EU public procurement legislation, then the promoter has to ensure that contracts for the project implementation have been/will be tendered in line with the relevant applicable EU procurement legislation.

    Milestone
    Under appraisal
    Approved
    Signed
    22 July 2024
    23 July 2024
    Related projects
    Link to source
    Summary sheet
    Other links

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - SENNDER 2 (IEU FT)
    Publication Date
    24 Jul 2024
    Document language
    Main Topic
    Lending
    Document Number
    172115154
    Document Focus
    Environmental Information
    Project Number
    20230277
    Sector(s)
    Regions
    Publicly available
    Download now
    Other links

    General enquiries and comments

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    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
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