Partnership extended via new private financing
CHICAGO and NEW YORK, Oct. 11, 2022 /PRNewswire/ — G Squared Ascend I Inc. (NYSE:GSQD) (“G Squared Ascend I”), a publicly traded special purpose acquisition company sponsored by affiliates of G Squared, and Transfix, Inc. (“Transfix”), the Intelligent Freight Platform™, a digital freight startup driving modern supply chain performance with its AI platform, today announced the mutual termination of their previously announced business combination agreement due to current public market conditions.
Concurrently, G Squared and New Enterprise Associates, Inc. (“NEA”) will lead a private round of investment to support Transfix’s continued growth. As part of this financing, G Squared’s Founder & Managing Partner, Larry Aschebrook, will join Transfix’s Board of Directors.
Lily Shen, CEO and President, Transfix said, “We have fostered a strong partnership with G Squared and NEA, who continue to believe in our business and the opportunity ahead. This funding will allow us to continue investing in our technology and innovation, advancing Transfix’s modern solutions for shippers and carriers, and delivering on the access, ease, and reliability the industry deserves. We continue to enjoy the support of our customers who value the power and flexibility of our business model, and we remain incredibly excited about our ability to drive impact at scale.”
Larry Aschebrook of G Squared said, “Transfix’s team of freight industry and technology experts continues to raise the bar across the sector as they work to move goods more seamlessly and sustainably. G Squared is confident in Transfix and its prospects and will continue to support Transfix as a private company.”
“We initially partnered with Transfix at the Series B in 2016, and since then we have been impressed with the efficiency and sustainability impacts the company has had on the shipping logistics industry,” said Carmen Chang, General Partner, NEA. “We are confident in Transfix’s long-term future, and look forward to our continued partnership throughout their next chapter of growth as a pioneer of the modern supply chain.”
Additional information regarding the termination of the business combination agreement is provided in a Current Report on Form 8-K filed by G Squared Ascend I with the U.S. Securities and Exchange Commission and is available at www.sec.gov.
