Digital freight platform Ofload’s valuation hits $350m following latest $31m raise

Digital freight platform Ofload’s valuation hits $350m following latest $31m raise

Ofload founder and CEO Geoffroy Henry

Digital road-freight solutions provider Ofload has raised $31 million in fresh capital, valuing the company at $350 million, on the back of a national rollout of the startup’s platform which is aimed at fast-tracking emission reduction across supply chains.

The Sydney-based company’s valuation is up more than 200 per cent since Ofload raised $60 million in a Series B round in November 2022 with the funds positioning the company for further growth following a strong take-up of its technology by corporate Australia.

Ofload, founded in 2019 by Top 100 Young Entrepreneur Geoffroy Henry, has today officially launched its Carbon Analytics Platform (CAP), described as Australia’s first fully automated solution for companies to measure carbon output through their supply chain.

The launch follows a successful pilot program that has attracted the likes of health foods producer Noumi, consumer products giant Kimberly-Clark and grocery group Metcash’s logistics division all of which have been using the platform to reduce carbon emissions and cut costs.

The platform has already measured the carbon output for companies moving goods across more than 21 million kilometres.

“Many companies are looking for ways to decrease the environmental impact of their operations, particularly in logistics, in response to demand from their customers and investors,” says Henry, the Ofload CEO.

“Our transformative technologies – from our carbon analytics platform to our digital freight capabilities and other initiatives eliminating waste through the supply chain – give customers the tools they need to achieve these sustainability goals and gain a competitive advantage.”

Ofload’s product launch has come ahead of proposed federal government regulations for the sector to mandate carbon emissions reporting.

“Regardless of the specific requirements of the Australian Government's forthcoming carbon disclosure requirements, they will naturally burden small businesses that form part of major supply chains,” says Henry.

“When it comes to logistics, the CAP reduces both the cost and complexity of compliance for major brands and small businesses alike.”

The latest capital raise by Ofload – which raised $92 million over the course of 2022 and 2023 - was led by existing investor Yarra Capital Management, with King River Capital and Jungle Ventures also reinvesting.

Ofload says its valuation increase to $350 million has been driven by “strong ongoing customer and revenue growth, and expansion of the business, including the acquisition of transport management company MF Freight in 2023”.

“We are delighted by the level of appetite and support for Ofload’s continued growth and its mission of transforming Australia’s supply chains for a greener logistics industry,” says Henry.

“This round will further fuel our efforts to help businesses achieve efficient, flexible and sustainable supply chains and to reach zero waste in logistics.”

Ofload notes that freight and logistics contribute 38 per cent of transport emissions nationally.

Through Ofload’s CAP, data analytics are used to measure various criteria, including freight distance, vehicle type and age, load factors, and fuel consumption impacts in order to enhanced operational efficiencies.

Ofload says the platform provides businesses with a competitive advantage “by aligning with the increasing demands of environmentally conscious stakeholders”.

“Businesses can demonstrate and implement a tangible commitment to sustainability, meeting the expectations of many customers, investors and employees,” it says.

“Companies are also benefiting from the resultant operational efficiencies, reduced costs, and enhanced financial performance enabled by the platform.”

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