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Digital Freight Broker Loadsmart Announces $21.6 Million Series A Financing

| October 9, 2018
Loadsmart co-founders Ricardo Salgado and Felipe Capella

Loadsmart co-founders Ricardo Salgado and Felipe Capella

Loadsmart, a digital freight broker, announced it has raised $21.6 million in series A funding led by Maersk Growth, Connor Capital SB and Chromo Invest. 

This brings the total investment in Loadsmart to date to $34.7 million following previous seed investment and a convertible notes round. The current investment will be used to scale Loadsmart’s operations team while doubling down on product and engineering.

Loadsmart leverages artificial intelligence to automate the truckload booking flow in the United States. It strives to provide instant prices to shippers with capacity guaranteed on all U.S. lanes. Through its automated platform, shippers can book a truck in seconds manually or integrate via an API to have a server-to-server booking with no human intervention.

Shippers have been able to reduce their spot exposure by 50 percent after integrating with Loadsmart, according tot he company, while reducing procurement execution time up to 90 percent. Carriers keep their trucks full and reduce empty miles as Loadsmart’s machine learning algorithms match loads with their available trucks.

Maersk Growth is joining Loadsmart as one of its leading investors. Maersk Growth is the launchpad for new ventures at A.P. Moller – Maersk, the world’s largest container shipping company. A.P. Moller – Maersk serves 343 ports in 121 countries with 18.3 percent market share in container capacity worldwide.

“We are at our core a data company. With the highest ratio of engineers in the industry, we were the first to introduce truckload instant pricing and booking, and the market’s first server-to-server autonomous truckload booking via our API. This tech-first approach has allowed us to set in place a fully scalable and automated distribution model,” said Felipe Capella, co-founder and chief product officer, Loadsmart.

Ricardo Salgado, co-founder and CEO, Loadsmart, 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.”

Category: General Update, News

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