US-based freight automation technology provider Loadsmart has closed a $90m series C round featuring logistics and transportation provider TFI International and shipping firm AP Moller – Maersk.
The round was co-led by alternative investment firm Chromo Invest with investment manager BlackRock’s managed funds. It included Perry Capital and Bramalea Partners, and it valued the company above $400m according to VentureBeat
Loadsmart has created a cloud software platform that utilises artificial intelligence and machine learning to help automate the freight shipping process. It will use the series C funding to expand the platform’s features along with the services it offers.
The company’s total funding now stands at more than $143m since it was founded in 2014. Goldman Sachs was placement agent for the series C round while Paul Hastings was legal adviser.
Maersk’s corporate venturing unit, Maersk Growth, co-led Loadsmart’s $21.6m series A round with Chromo Invest and investment firm Connor Capital in late 2018. It added $19m from Maersk Growth and marine terminal operator Ports America in September 2019.
Alain Bédard, president and chief executive of TFI International, said: “As a leader in the transportation and logistics industry, we constantly seek a window into the latest cutting-edge technologies to integrate within our expansive network.
“Our investment in Loadsmart provides invaluable visibility into ‘what’s next’ as we pursue our technology-enabled, asset light-business plan.”
