Loadsmart Raises $90M to Expand Freight & Logistics Platform

Loadsmart, a prominent on-demand digital freight marketplace, has secured $90 million in Series C funding. This investment round was spearheaded by BlackRock-managed funds and jointly led by Chromo Invest. The company intends to utilize these funds to further develop its platform, expanding its comprehensive logistics solutions for freight clients. This expansion will be partially achieved through a new partnership with TFI International, a key player in the logistics industry, who also contributed to this funding round.

Beyond TFI International, this funding round also benefited from continued investment from Maersk, a worldwide leader in ocean shipping and a long-standing strategic supporter of Loadsmart since its Series A financing. The company reports a 250% increase in revenue throughout 2020, all while maintaining stable operating costs. A recent press release highlighted the company’s growth as being driven by “organic” strategies, subtly differentiating itself from competitors like Uber Freight and Convoy, who are noted to employ strategies involving customer freight spend subsidies through competitive pricing.

Loadsmart provides a unified online platform for arranging freight transportation via road, rail, and port systems. The recent addition of partial truckload shipping capabilities has attracted new strategic investors with significant involvement in various facets of the logistics sector, including port operations and land-based transport. This deeper industry engagement is likely fueling the company’s continued expansion through enhanced market understanding.