Australian freight logistics startup Ofload has landed $60 million in Series B funding, led by Singapore’s largest VC firm, Jungle Ventures.
It was joined by existing investors, King River Capital, Bay Grove, Maersk Growth and Foundamental. Part of the $60 million raise included a debt financing component from Mars Growth Capital.
According to Ofload, this will help with its “inorganic growth initiatives” and follows its acquisition of CIA Logistics back in September. It’s unclear how much it paid for the Melbourne freight company.
This raise also follows the startup’s successful $20 million Series A in December 2021.
Founded in 2019, Ofload is a digital freight platform that connects shippers and carriers in one centralised supply chain ecosystem. It aims to increase visibility over what’s going where, as well as remove inefficiencies.
According to the company, the freight industry is fraught with challenges, such as rising costs, capacity constraints and driver shortages. There is also the challenge of Australia’s geographical size.
Furthermore, the transport industry as a whole has become a leading source of greenhouse gas emissions, making up 18.8% of Australia’s total.
Ofload has more than 15,000 trucks in its database and it has planted over 11,000 trees to help offset its carbon emissions.
However, the startup says it is not just digitising the industry, but allowing customers to almost have a Tetris-like approach to shipping.
“We are working with hundreds of companies in Australia to optimise loads and make empty space a thing of the past,” founder and CEO, Geoffroy Henry, said in a statement.
“That means more opportunities for carriers, a streamlined process for customers, and improved environmental outcomes across the board.”
Brands such as Noumi, Metcash, Asahi, and Kimberly Clark Australia have all began using Ofload over the past few months.
“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. Already the empty loads reduced by Ofload and process transparency are creating positive change for all stakeholders, as well as for the environment,” said Yash Sankrityayan, managing partner at Jungle Ventures.