Aussie logistics disrupter Ofload raises AU$20M in Series A funding

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Sydney, Australia — 7 December 2021 — Sydney-based logistics start-up Ofload has closed its Series A funding round in less than four weeks, raising AU$20M 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.  

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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.  

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This new funding increases Ofload's valuation to more than AU$100M. It comes after the start-up announced it raised AU$3.8M of additional funding in August to accelerate its push for road freight sustainability in an industry that makes up 8.6% of Australia's GDP, contributes more than AU$130BN to the economy and employs more than one million Aussies. It brings Ofload's total investment to AU$27.5M in under two years.  

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This latest raise follows a strong fourth-quarter performance, where Ofload recorded a 550% YoY revenue increase. Since August, the start-up has made further moves to strengthen its presence locally with 15 new hires.  

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Geoffroy Henry, Founder and CEO of Ofload, said, "The logistics industry has kept Australia moving throughout two years of lockdowns and disruptions to both local and international trade. 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 YoY in 2022. To scale even faster, we're looking to unlock the potential of home-grown talent with more than 100 new hires locally."

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"Focused on disrupting the industry for the better with tech-based products that tackle major inefficiencies, we're also aiming to release our TMS SaaS offering within the first half of 2022. In addition to this, 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.

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Chris Barter, Co-Founder of King River Capital and new to Ofload's capitalisation table, said, "We are delighted to be leading this financing for Ofload at a transformative time for domestic and global logistics. 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."

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Speaking on growth, Henry said, "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. 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."

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Ofload is working to transform the Australian road freight industry by tackling wastage and capture an addressable market estimated to be worth more than AU$40BN, before expanding across the Asia Pacific region. To find out more, visit ofload.com.

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ENDS

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Notes to Eds:

• Ofload closed its seed funding round in August 2020, securing AU$2.8M 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 AU$3.8M following increased backing from seed investors Maersk Growth and Global Founders Capital and pre-seed investor Flash Ventures, alongside new investor Foundamental.

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For media enquiries or to arrange an interview, please contact:

Justin Clark, New World Reputation Management

E: Justin@newworldrm.com / M: +61 429 361 117

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About Ofload

Ofload is Australia’s leading digital road freight service, helping businesses achieve efficient, flexible and sustainable supply chains, with a nation-wide carrier network servicing shipments of all types of freight. Ofload connects leading brands such Asahi, Kimberly-Clark, Metcash, Noumi and Sara Lee with carriers in a smarter way to utilise otherwise spare shipping capacity, thereby eliminating empty KMs and unnecessary emissions. 

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The company actively supports Australia’s small business carriers, connecting reliable small-to-medium-sized transport operators from the "long tail" of the nation’s AUD$67B road freight industry, with Australia's largest brands and shippers. In 2023, Ofload was ranked in the Top 100 Innovators by the Australian newspaper. In 2022 Ofload made the Australian Financial Review’s BOSS Most Innovative Company list.

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About King River Capital

King River Capital invests in post-revenue, high-growth software businesses that are solving critical problems within large markets. Since it launched in 2019, King River Capital has raised two funds and has committed capital into twelve companies across the US and Australia, including Immutable (NFTs), FinClear (fintech), Sendle (logistics), Discord (instant messaging and digital distribution platform), OSARO (industrial automation) and Lark (digital health). The firm was founded by three partners, Chris Barter, Zeb Rice, and Megan Guy. All have a strong track record in early to mid-stage venture investing, with a legacy portfolio comprising over 50 companies across multiple markets. For more visit: www.kingriver.co