Sydney-based logistics start-up Loadsmile has secured AU$2.8 million in seed funding and renamed to Ofload.
They join pre-seed investor Flash Ventures at Ofload’s capitalisation table.
Ofload’s seed funding happened six months after launching its operations focused on tackling waste and empowering the long tail of small to medium-sized players in the road freight industry.
The funding round took place in the midst of the COVID-19 pandemic, between March and July 2020.
The investment will support Ofload in doubling down on its Australian operations and hire technical talent to support continued innovation on its platform, including automation and personalisation features.
Ofload is working to capture an addressable market estimated to be worth more than AU$16 billion, before considering to expand across the APAC region.
In order to address the significant issue of wastage in the road freight industry, Ofload’s digital platform live matches quality shippers with vetted and reliable carriers―reducing empty miles and idle time for small to medium businesses and ultimately providing better service at a lower price.
How has the start-up fared so far?
Since launching in late February 2020, the start-up has seen good traction, particularly among the small and mid-sized carriers collectively using its technology to compete against industry heavyweights.
To date, Ofload has on-boarded more than 700 carriers, creating a fleet of 15,000-odd trucks nationwide that shippers can access at the click of a finger. BeCool, the last-mile logistics arm of HelloFresh, has continued to use Ofload since day one.
Geoffroy Henry, Co-founder and CEO of Ofload, said, “Fundamental issues such as incredible amounts of waste, increased overheads and a legacy power imbalance are holding back Australia’s road freight and shipping industries at a time where efficiency is absolutely key.
Ultimately, transport companies want to reduce these inefficiencies and create a more sustainable industry, and we are making this possible, no matter their size.”
“We are thrilled to receive support from investors of this calibre as early as our seed round, and are excited by the expertise and potential synergies they bring to the table.
This will allow us to empower the road freight and shipping industries to reach their full growth potential during such catalytic times,” Henry said.
Jeppe Høier, Venture Partner and Head of Finance at Maersk Growth, said, “We are pleased to invest into an ambitious team targeting the inefficiencies in the trucking industry with a solution that fits Maersk’s container logistics integrator strategy.
We have monitored this space for years and invested in teams around the world succeeding in bringing shippers and carriers into the digital world.
All supply chain stakeholders will benefit from Ofload’s technology, not least shippers looking to reduce their carbon footprint, as empty truck moves will be optimised.”
Tito Costa, Partner at Global Founders Capital, said, “We are excited to partner with the Ofload team and accelerate their effort to eliminate the remaining inefficiencies in the trucking industry to the advantage of both shippers and truck drivers.”
Johann Nordhus Westarp, Investor at Flash Ventures, said, “As Ofload’s day zero partner and pre-seed investor, we continue being thrilled by the strong execution and big vision we see from Geoffroy and Thomas.
The team is uniquely positioned to build the APAC freight forwarding market leader.”
Ofload engaged Gilbert + Tobin for legal and financial advice throughout the seed funding process. To find out more, visit here.