Logistics startup Ofload raises $20 million in Series A

Sydney based logistics startup Ofload has closed its Series A funding round, raising $20 million in four weeks.

Ofload is a digital platform working to tackle waste in the Australian road freight industry. The company says the capital raised will support the startup to expand operations and recruit 100 new hires locally.

• Subscribe to Digital Nation Australia's twice-weekly newsletter

The Series A funding follows a $3.8 million funding round in August, following increased backing from seed investors Maersk Growth and Global Founders Capital and pre-seed investor Flash Ventures, alongside new investor Foundamental.

The key investors in the Series A include King River Capital, Flexport and Bay Grove and increased backing from Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental.

According 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 YoY in 2022.”

“We've got our sights set on local M&A opportunities to continue our momentum in empowering the long tail of small to medium-sized carriers to compete against the larger players that dominate the market," Henry said.

The organisation recorded a YoY revenue increase of 550 per cent in its fourth-quarter and is focused on releasing a TMS SaaS offering in the first half of next year.

According to Chris Barter, co-founder of King River Capital, “In the post COVID global economy of surging online retail, where supply chains are seeing more demand than ever before, Ofload's technology is optimising supply chains and driving efficiencies like no other technology in Australia. It's proving to be a key competitive advantage for local and global supply chain operators."

Ofload customers include Freedom Foods, Marley Spoon, FedEx, Doehler and a fleet or more than 1,600 carriers and more than 15,000 trucks nationwide.

The total addressable market is estimated to be work more than 40 billion.