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Highlights
- Supply chain and Logistics sector is booming in with economic recovery globally.
- One of the Logistics startups - Ofload seems to grab investor attention.
- Sydney based logistic startup Ofload aims to optimise supply chain with technology.
A sunrise logistics startup from Sydney-Ofload has closed a Series A funding round, with AU$20 million in four weeks.
What is Ofload’s logistics startup about?
- Ofload is not a regular trucking fleet operator, rather the startup owns a digital platform to optimise supply chains.
- The business is built with the idea to tackle waste in the Australian freight industry- specifically on roadways.
- Ofload caters to big names like Freedom Foods, Marley Spoon, FedEx, Doehler and a fleet of over thousands of truckers around Australia.
- Its total addressable market is estimated over AU$40 billion.
- As of now, Ofload is focusing on a SaaS offering scheduled for H1-2022.
Who has invested in Ofload’s Series A funding?
- The significant investors in Ofload’s Series A include names like, King River Capital, Flexport and Bay Grove alongside increased investment backing from Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental.
- Ofload has raised AU$20 million in Series A funding round and shall use the funds to support operational expansion and recruitment.
- Before this round of funding Ofload had raised AU$3.8 million in August, from seed investors Maersk Growth and Global Founders Capital and pre-seed investor Flash Ventures.
Ofload’s foot forward-
The logistics startup is already eyeing on local M&A opportunities with small to medium-sized carriers to be able to create domination in the market. The surge in online retail in post COVID-19 globally is seeing a more than ever before demand for supply chain optimisation. Ofload’s business is aimed at this, driving efficiencies using technology
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