A logistics startup looking to optimise trucking fleets using technology called Ofload has today closed a $20 million Series A funding round backed by a raft of investors from Australia and the US.
The funding will support the digital freight forwarder as it continues its growth trajectory, and allow it to expand operations and recruit more than 100 new team members.
The funding brings Ofload’s valuation to more than $100 million, and was secured from new investors in Australia and the US including King River Capital, Flexport and Bay Grove.
They join Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental which returned for the Series A and invested $3.8 million in Ofload earlier this year.
Ofload says the raise follows a strong fourth-quarter performance, where it recorded a 550 per cent year on year revenue increase.
“The logistics industry has kept Australia moving throughout two years of lockdowns and disruptions to both local and international trade,” Ofload founder and CEO Geoffroy Henry said.
“The COVID-19 pandemic forced shippers to find alternative and more nimble freight solutions to sustain the demand.
“As a result, we continue to experience rapid growth with carriers resonating in our approach, and plan for 300 per cent growth YoY in 2022. To scale even faster, we’re looking to unlock the potential of home-grown talent with more than 100 new hires locally.”
King River Capital co-founder Chris Barter said the Series A comes during a “transformative time for domestic and global logistics”.
“In the post COVID global economy of surging online retail, where supply chains are seeing more demand than ever before, Ofload’s technology is optimising supply chains and driving efficiencies like no other technology in Australia,” Barter said.
“It’s proving to be a key competitive advantage for local and global supply chain operators.”
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