A logistics startup looking to digitise and optimise Australian trucking fleets has today announced it has closed a $60 million Series B funding round, backed by one of Singapore's largest independent venture capital firms.
It puts Sydney-based Ofload's mission to push for sustainable supply chains in train, and comes less than a year after the digital freight forwarder, founded by CEO Geoffroy Henry, closed a $20 million Series A funding round.
The raise takes the total capital raised to $80 million and was led by Singapore-based Jungle Ventures, with additional backing received from existing investors King River Capital, Bay Grove, Maersk Growth and Foundamental who remain excited about Ofload's goal to solve a major pain point in the industry: the problem of empty trucks.
Mars Growth Capital, part of the Liquidity Group, delivered the debt financing component of the Series B which Ofload says will support its inorganic growth initiatives, building on its recent acquisition of CIA Logistics.
“Ofload is pleased to welcome Jungle Ventures as an investor, and we look forward to continuing to grow our offering and service to the Australian freight industry across all corridors very soon,” Henry said of the firm which has previously backed unicorns including Indonesian buy-now pay-later firm Kredivo, interior design platform Livspace, and logistics tech procurement provider Moglix.
“We are working with hundreds of companies in Australia to optimise loads and make empty space a thing of the past.
“That means more opportunities for carriers, a streamlined process for customers, and improved environmental outcomes across the board.”
The company, which counts the likes of Metcash, Asahi and Kimberly Clark Australia as clients, hopes to use the capital to improve the emissions-heavy transport sector by digitising the space and giving customers and carrier partners the tools to meet these challenges head on.
Ofload does this by managing the end-to-end freight journey for customers, from discovery to planning and booking, right through to delivery and payments. It also aims to provide a ‘one stop shop’ for Australia's 58,000 transport operators, providing services including invoicing, financial management and insurance and fuel loyalty systems.
This mission resonated with Jungle Ventures managing partner Yash Sankrityayan, who said Ofload’s offering had significant potential to increase supply chain visibility and efficiency, and could make serious improvements in emissions, fuel usage, driver welfare and logistics spend.
“We are proud to partner with Ofload given their mission to help the large number of SME transport operators serve the demand across the country, and to do so with reliability and technology at every step,” Sankrityayan.
“Already the empty loads reduced by Ofload and process transparency are creating positive change for all stakeholders, as well as for the environment.”
Maersk Growth partner Jeppe Høier said Ofload was in the 'perfect position' to be leading the digital transformation for freight and logistics in Australia.
"We are delighted to participate in this latest funding round as we recognise the significant opportunities ahead for Ofload," Høier said.
"Geoff and his team are in a perfect position to lead the digital transformation in the Australian logistics space, bringing true value to customers and freight operators alike.”
Get our daily business news
Sign up to our free email news updates.