$60m in Series B Funding for Logistics Tech Startup
Written by Adriana Pulley
Australian truckload-sharing startup Ofload has raised $60 million for its digital road freight platform that sells access to empty truck space. The Series B raise was led by Singapore-based Jungle Ventures.
The investment signals the continued rise in popularity of shippers willing to pool together goods into one haul. In the US, the software-driven shared truckload platform Flock Freight reached unicorn status in October of last year. The company raised $215 million in Series D financing led by SoftBank Vision Fund 2.
Why is Shared Truckload An Attractive Option?
- Customers avoid higher costs related to loading and unloading or paying for unused space.
- Shipments are delivered more quickly, as well.
- Carriers can fill trucks to capacity–increasing sustainability and profit.
- The platform pools shipments in real time, maps terminal-free routes, and calculates the shipper’s risk with patented technology.