SYDNEY-based logistics start-up Ofload has closed its Series A funding round in less than four weeks, raising $20 million in private capital as it continues its growth trajectory following the COVID-19 pandemic.
The funding will support the digital freight forwarder and transport management start-up to expand operations and recruit more than 100 new people.
The funding has been secured 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.
This new funding increases Ofload’s valuation to more than $100 million. It comes after the start-up announced it raised $3.8 million of additional funding in August, bringing Ofload’s total investment to $27.5 million in under two years.
This latest raise follows a strong fourth-quarter performance, where Ofload recorded a 550% year-on-year revenue increase. Since August, the start-up has made further moves to strengthen its presence locally with 15 new hires.
Geoffroy Henry, founder and CEO of Ofload, said, ” 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% growth year-on-year in 2022.
“To scale even faster, we’re looking to unlock the potential of home-grown talent with more than 100 new hires locally.”
Ofload also aims to release its TMS SaaS offering within the first half of 2022 and has its sights set on local M&A opportunities.
“We have now amassed an aggregated fleet of more than 1,600 carriers and 15,000+ trucks nationwide, and are working with more than 55 of the largest companies in Australia,” Mr Henry said.
“In recent months, Freedom Foods has joined the likes of Marley Spoon, FedEx, Doehler, and A.P. Moller – Maersk, to leverage Ofload for their inland logistics operations in Australia.”
