Australian digital road freight provider Ofload has announced that it has raised $31 million in financing to support its wider business growth and the roll out of a new supply chain analytics platform.
The newly launched Carbon Analytics Platform (CAP) is Australia’s first fully automated solution for companies to measure carbon output through their supply chain, with the tool arriving ahead of expected regulation from the federal government mandating carbon emissions reporting.
To launch the product, Ofload closed a $31 million financing deal, led by Yarra Capital Management with King River Capital and Jungle Ventures also reinvesting.
The latest funding round values Ofload at $350 million, which is a value increase of more than 200 per cent in under two years.
The significant growth has been driven by strong ongoing customer and revenue developments and the expansion of the business, headlined by its acquisition of transport management company MF Freight last year.
“We are delighted by the level of appetite and support for Ofload’s continued growth and its mission of transforming Australia’s supply chains for a greener logistics industry,” Ofload founder and CEO Geoffroy Henry says.
“This round will further fuel our efforts to help businesses achieve efficient, flexible and sustainable supply chains and to reach zero waste in logistics.”
Customers have already began using the CAP system, with Noumi and Metcash Primary Freight Transport collaborating with Ofload on their journeys toward net zero.
“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.
“Regardless of the specific requirements of the federal government’s forthcoming carbon disclosure requirements, they will naturally burden small businesses that form part of major supply chains. When it comes to logistics, the CAP reduces both the cost and complexity of compliance for major brands and small businesses alike.”