Road freight management startup confirms $31 million raise

Sydney logistics software startup Ofload has finally confirmed an additional £31 million capital injection, six months after it was first reported.

The new funds are to support to product roll out and wider business growth in digital freight technology The AFR first reported Ofload had banked £27 million in December 2023, led by David Acton’s Yarra Private Capital Discovery Fund, with existing backers, including Sydney VC King River Capital and Singapore fund Jungle Ventures also chipping in. The company’s founder declined to comment saying through his PR firm that they were “not ready to talk about it” and an announcement was likely in January this year.

Today the startup confirmed it added a further £4 million to £31m Ofload was founded in 2020 as Loadsmile just as the pandemic hit, then rebranded Ofload six months later following £2.8 million Seed round.[1] It went on to raise £20 million Series A[2] in December 2021 at a £100 million valuation, then[3] £60 million in equity and debt for a Series B[4] in November 2022 Around a third of the Series B was in debt from Liquidity Group’s Mars Growth fund for the company’s acquisition ambitions.

In September 2022, Ofload acquired Melbourne veteran CIA Logistics[5] to fast track its national expansion. The cap table includes Maersk Growth, the venture arm of transport and supply chain giant AP Moller-Maersk. This latest funding round values Ofload at £350 million, a 200% increase on its last raise.

The business has been using the capital to develop carbon footprint assessment tools. The software startup manages freight from planning and booking, to delivery and payments. It aims to provide a ‘one-stop-shop’ for Australia’s 58,000 trucking companies, providing services including invoicing and financial management, insurance and fuel loyalty systems.

It also collaborates with major carriers to backfill their empty trucks on their return journey.

References

1. ^ Logistics startup Loadsmile rebrands as Ofload following £2.8 million seed round (www.startupdaily.net)
2. ^ Freight logistics startup Ofload raises £20 million Series A (www.startupdaily.net)
3. ^ Freight logistics startup Ofload raises £20 million Series A (www.startupdaily.net)
4. ^ Logistics startup raises £60 million in Series B (www.startupdaily.net)
5. ^ Freight startup Ofload acquires Melbourne veteran CIA Logistics (www.startupdaily.net)