Digital freight management startup Ofload has closed a $31 million funding round, with plans to roll-out its Carbon Analytics Platform.
The company, which was founded in Sydney in 2019 by Frenchman Geoffroy Henry, raised $31 million, led by Yarra Capital Management, with re-investment from King River Capital and Jungle Ventures. That brings the company’s total capital raised to more than $110 million (after a $20 million Series A and $60 million Series B), and its valuation to $350 million – an increase of more than 200% in under two years.
Ofload says it plans to use part of the raise to fund its Carbon Analytics Platform (CAP) – what it claims will be the country’s first fully-automated solution for companies to measure carbon output through their supply chain.
The platform will use data analytics to measure criteria like freight distance, vehicle type and age, load factors, and fuel consumption impacts, using the Global Logistics Emissions Council Framework. It comes ahead of the Australian government’s plans to mandate carbon emissions reporting (which are still going through parliament).
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So far, the Platform has measured the carbon output for companies moving goods over more than 21 million KMs of supply chains, like Noumi, Metcash and Kimberley-Clark.
“Many companies are looking for ways to decrease the environmental impact of their operations, particularly in logistics, in response to demand from their customers and investors,” Henry says. “Our transformative technologies – from our carbon analytics platform, to our digital freight capabilities and other initiatives eliminating waste through the supply chain – give customers the tools they need to achieve these sustainability goals and gain a competitive advantage.”
It comes as Ofload continues to disrupt Australia’s $66 billion road freight industry with its “one-stop-shop” solution to freight management, which works by connecting shippers to its fleet network of small-and-medium sized carriers.
The ultimate goal is to improve freight efficiency and achieve sustainable supply chains, ultimately removing waste in transport and reducing about 6 million tonnes of carbon dioxide in the process.
Speaking with Forbes Australia in 2023, Henry said, “There’s no one in Australia doing it. We’re just seizing the opportunity. We aim to get at least 5% market share in the next 4-5 years. That translates to about $3.3 billion in revenue.”
The company has made a number of acquisitions on its journey, including Melbourne’s CIA Logistics in September 2022 and transport management company MF Freight in 2023.
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