Sydney-based logistics start-up Ofload has raised an additional AU$3.8M following increased backing from seed investors Maersk Growth and Global Founders Capital and pre-seed investor Flash Ventures, alongside new investor Foundamental.
The funding announcement follows a strong start to 2021.
Why is Ofload attracting funding?
Ofload indexed double figure growth and supports the digital freight forwarder and transport management start-up’s momentum to expand its operations focused on tackling waste and empowering the long tail of small to medium-sized industry players.
Geoffroy Henry, Founder and CEO of Ofload, said that the start-up had amassed an aggregated fleet of more than 1,400 carriers and 15,000+ trucks nationwide, and continued to compete for contracts with clients like Marley Spoon, FedEx and Doehler.
Maersk Growth’s investment has led A.P. Moller – Maersk to engage with Ofload’s services.
“We continue to experience rapid growth as shippers and carriers are resonating with our approach that’s rooted in empowering Australia’s road freight industry and reducing wastage.”
“The industry is fragmented and riddled with inefficiencies—trucks are rarely entirely full and millions of empty kilometres are driven every year, while overheads have increased.”
“This has made it harder for the long tail of owner/operators and small to medium businesses to compete against the industry powerhouses,” Henry said.
“By tackling wastage, reducing empty miles and idle time, we can make road freight more sustainable and ultimately level the playing field.”
“We are thrilled to continue to receive support from investors of this calibre who share the same ambition as us to transform one of Australia’s oldest industries.”
Ofload is working to transform the Australian road freight industry and capture an addressable market estimated to be worth more than AU$40bn, before expanding across the APAC region.
New to Ofload’s capitalisation table is global venture capitalist Foundamental, which General Partner Shubhankar Bhattacharya said was the firm’s first investment in an Australian start-up.
“Australia is a large market and Ofload is the first credible mover in an ecosystem that often has a winner take all dynamic. It’s the team to back with demonstrated evidence of fast growth and great execution, and we are excited for what’s to come,” Bhattacharya said.