Ofload, one of the fastest-growing start-ups in the Australian logistics industry, announced it has secured AU$60 million in Series B funding, including debt and equity components, to accelerate its push for sustainable supply chains. The round was led by Jungle Ventures, Singapore’s largest independent venture capital firm, and featured increased backing from existing investors King River Capital, Bay Grove, Maersk Growth and Foundamental.
Mars Growth Capital, part of the Liquidity Group, delivered the debt financing component, which helps further Ofload’s inorganic growth initiatives, following on from its successful acquisition of Melbourne freight specialist CIA Logistics in September this year. The freight industry is a vital part of the Australian economy, yet industry participants face systemic challenges including driver shortages, rising operational costs and capacity constraints.
Additionally, the transport industry remains a significant, and fast-growing source of greenhouse gas emissions, accounting for 18.8% of Australia’s total emissions.
How is Ofload revolutionising the freight industry?
Ofload is digitising Australia’s AU$65 billion freight industry, enabling its customers and carrier partners to meet these challenges head-on. In turn,the freight industry is embracing its vision and mission, with Ofload benefiting from strong revenue growth over the past year.
Geoffroy Henry, Founder and Chief Executive Officer of Ofload, said, “Ofload is pleased to welcome Jungle Ventures as an investor, and we look forward to continuing to grow our offering and service to the Australian freight industry across all corridors very soon.”
“We are working with hundreds of companies in Australia to optimise loads and make empty space a thing of the past. That means more opportunities for carriers, a streamlined process for customers, and improved environmental outcomes across the board,” Henry added.
Ofload’s digital freight forwarding solution matches freight from Australia’s largest companies with transport operators across the country. It manages the end-to-end freight journey, from discovery, planning and booking, right through to delivery and payments.
It also aims to provide a ‘one stop shop’ for Australia’s 58,000 transport operators, providing services including invoicing and financial management, insurance and fuel loyalty systems, strengthening their operations in today’s modern supply chain. Ofload continues to serve a growing list of companies across Australia. In recent months, Ofload welcomed consumer brands Noumi, Metcash, Asahi, and Kimberly Clark Australia to utlise its freight solution.
What were the investors’ thoughts on Ofload?
Jungle Ventures feels Ofload’s unique offering has significant potential to significantly increase supply chain visibility and efficiency across Australia, creating meaningful benefits for both shippers as well as transport operators. Given the geographical size of the country, this adds up to significant improvements in emissions, fuel usage, driver welfare and logistics spend.
Yash Sankrityayan, Managing Partner at Jungle Ventures, said, “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,” Yash Sankrityayan further said.
Jeppe Høier, Partner at Maersk Growth, a returning investor, said, “We are delighted to participate in this latest funding round as we recognise the significant opportunities ahead for Ofload. Geoff and his team are in a perfect position to lead the digital transformation in the Australian logistics space, bringing true value to customers and freight operators alike.”
To find out more, visit www.ofload.com.