Freightlancer, a subsidiary of Freelancer Limited (FLNCF), procures Loadshift, Australia's largest marketplace for heavy haulage transport.
FREMONT, CA: Freelancer Limited (FLNCF), the world's largest freelancing and crowdsourcing marketplace by a total number of users and jobs posted, declare the acquisition of Loadshift by Freightlancer, Australia's largest heavy haulage freight marketplace, with 85.8 million kilometers of freight requested in 2020.
The investments of Wes Maas, CEO and founder of Maas Group Holdings (ASX: MGH, market capitalization $1.2 billion), Tom Cavanagh, CEO and founder of EMS Group, and other undisclosed investors raised $3.7 million for Freightlancer. Starting Ventures, a global technology, and Internet startup fund, also participated in the round.
Tom Cavanagh, a well-established executive in the mining and equipment industries, is joining Freightlancer as the new CEO.
Phil Callaghan established Loadshift, which became Australia's largest online heavy haulage freight marketplace, in March 2007, and in 2020 it expects to have 68,837 freight requests for 85.8 million kilometers of freight requested.
Loadshift's EBITDA was approximately $766k in FY20. The acquisition cost $7.7 million. Following the completion of the transactions, Freelancer Limited owns 53% of Freightlancer Holdings Pty Ltd.