Australian digital freight forwarder, Ofload, has secured funding to expand operations and accelerate the push for road freight sustainability.
The company has closed its Series A funding round in less than four weeks, raising $20 million AUD in private capital as it continues its growth trajectory following the Covid-19 pandemic.
The funding will support the digital freight forwarder and transport management start-up to expand operations and recruit more than 100 new people.
The funding has been secured from new investors based in Australia and the US, including King River Capital, Flexport and Bay Grove, with increased backing from Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental.
This new funding increases Ofload’s valuation to more than $100 million AUD. It comes after the start-up announced it raised $3.8 million AUD of additional funding in August to accelerate its push for road freight sustainability in an industry that makes up 8.6 per cent of Australia’s GDP, contributes more than $130 billion AUD to the economy and employs more than one million Australians. It brings Ofload’s total investment to $27.5 million AUD in under two years.
This latest raise follows a strong fourth-quarter performance, where Ofload recorded a 550 per cent year-on-year revenue increase. Since August, the start-up has made further moves to strengthen its presence locally with 15 new hires.
“The logistics industry has kept Australia moving throughout two years of lockdowns and disruptions to both local and international trade,” said Geoffroy Henry, Founder and CEO of Ofload.
“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 year-on-year in 2022.
“To scale even faster, we’re looking to unlock the potential of home-grown talent with more than 100 new hires locally.”
Ofload aims to release a transport management system (software as a service) product within the first half of 2022.
Henry added the business is also investigating local merger and acquisition opportunities to compete against larger players that dominate the market.
Also, Ofload has amassed an aggregated fleet of more than 1,600 carriers and 15,000-plus trucks Australia-wide.
Freedom Foods, Marley Spoon, FedEx, Doehler and A.P. Moller – Maersk have reportedly leveraged ofload in recent months for inland logistics operations in Australia.