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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

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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.
Alternatively, the EIB can be contacted through its external offices.
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