Shipping giant invests $2.8m in Australian start-up
Friday 4 Sep 2020
Formerly known as Loadsmile, Ofload was launched in February and offers cost-effective and improved shipping efficiencies by using vacant spaces in delivery vehicles. The round of funding was secured at the height of the coronavirus pandemic between March and July. Co-founded by Geoffroy Henry, former Head of Operations of HelloFresh, Ofload plans on using the funding to hire strong talent in its tech and operations department to help drive company growth.
Maersk Growth and Founders Capital join pre-seed investor Flash Ventures at Ofload's capitalisation table the start-up confirmed. At present Ofload provides services for over 800 carriers. This gives it a nationwide fleet estimated over 15,000 trucks that shippers can access by placing their goods on trailers that would otherwise have operated considerably below their capacity.
The intention of the company, according to Henry, is to find a way to use technology to improve and disrupt the road freight efficiency by tackling three key areas of deficiency in which 30 per cent of trucks are empty with another 50 per cent under-utilised.
“Fundamental issues, such as incredible amounts of waste, increased overheads and a legacy power imbalance, are holding back Australia’s road freight and shipping industries at a time where efficiency is absolutely key," he said. “Ultimately, transport companies want to reduce these inefficiencies and create a more sustainable industry.”
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