US-based freight services marketplace Loadsmart has secured $21.6m in a series A round co-led by Maersk Growth, the corporate venturing vehicle for shipping, transport and energy group AP Moller – Maersk.
Transport-focused investment firm Connor Capital and alternative investment manager Chromo Invest co-led the round with Maersk. The funding was raised alongside the formation of a strategic partnership with Oaktree Capital Management.
Loadsmart uses artificial intelligence technology to broker freight shipments, enabling shippers to rapidly organise truck deliveries. It guarantees truck space for shippers in the US and the platform gives quotes in seconds.
Ricardo Salgado, Loadsmart’s co-founder and chief executive, said: “Our strategy has been to focus exclusively on product development and technology. Now we are ready to grow.
“This round of investment will enable us to increase the business exponentially while maintaining high-service levels. It will also enable us to scale without losing the edge on innovation and technology.”
The round increased the company’s overall funding to $34.7m. It raised $3m in a 2014 seed round and $10.1m in a convertible note round that closed in June 2017, according to regulatory filings, but has not disclosed the identity of its past investors.
