The business is pulling Australia’s fragmented freight landscape into shape as the sector continues to suffer supply chain inefficiencies.
Ofload, one of the fastest-growing start-ups in the Australian logistics industry, has secured $60 million in Series B funding, including debt and equity components, to accelerate its push for sustainable supply chains.
“Australia’s freight landscape is highly fragmented, analogue and opaque. Throw in supply chain inefficiencies, and the entire industry, from end-consumers to shippers, is reeling from the impact of recent disruptions,” says Geoffroy Henry, founder and CEO of Ofload.
“This is compounded by the emissions profile of the industry that comes at a significant cost to our planet. The need to do things differently could not be more pressing.”
Ofload is a centralised end-to-end digital road freight platform that creates a connected supply chain ecosystem of shippers and transport operators.
“For companies seeking freight services, the challenge is that there is more demand than supply making it difficult for companies to find available trucks,” says Henry. “Through our digital platform, we have a systematic satellite view of Australian trucking which allows the optimisation of all fleets across our 1,600+ road transport partnerships. We strive to eliminate waste in transport by matching freight requirements and ensuring there are no ‘empty miles’ driven on our roads.”
The funding will enable Ofload to scale, and “invest in enhancing our freight solution to make real, tangible efficiency improvements to the way supply chains operate”.
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.
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.
“We are working with hundreds of companies in Australia to optimise loads and make empty space a thing of the past,” Henry says. “That means more opportunities for carriers, a streamlined process for customers, and improved environmental outcomes across the board.”
FAST FACTS ABOUT OFLOAD
- Ofload launched in February 2020
- Ofload closed its seed funding round in August 2020, securing $2.8 million from Maersk Growth and Global Founders Capital. These organisations joined pre-seed investor Flash Ventures at Ofload’s capitalisation table
- In August 2021, Ofload raised an additional $3.8 million following increased backing from seed investors Maersk Growth and Global Founders Capital and pre-seed investor Flash Ventures, alongside new investor Foundamental
- In December 2021, Ofload closed its Series A funding round, securing $20 million from new investors based in Australia and the US, including King River Capital, Flexport and Bay Grove, with increased backing from Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental