Loadsmart has announced the successful completion of its Series C fundraising with $90 million.
FREMONT, CA: Loadsmart, a digital freight technology company has announced the successful completion of its Series C fundraising. The $90 million round was directed by BlackRock’s managed funds. It also included leading strategic investors from the transportation space like TFI International Inc., which is a North American leader in the transportation and logistics industry, and Maersk, the world's leading ocean carrier and a Loadsmart investor since Series A. The agreement was co-led by Chromo Invest and was participated by Perry Capital, founded by Richard C. Perry, and Bramalea Partners, recently launched by Andrew Boyd, the former head of global equity capital markets at Fidelity Investments. Goldman Sachs & Co. LLC even attended as Loadsmart's exclusive placement agent. Paul Hastings served as the legal adviser.
The funding round confirmed Loadsmart's position as a leader in the digital freight space. The company's fiscally conservative strategy is exceptional among digital competitors and has allowed for capital-efficient and sustainable growth. Instead of rising by subsidizing its customers' freight spend, the organization focuses on organic growth that is boosted by operational excellence and API integrations. They are developing the technology to offer trustworthy value-added services to their customers. Loadsmart has increased its revenues to 250 percent since January 2020 while enhancing service quality, increasing gross margins, and keeping operational expenditure at 2019 levels.
"As the secular shift from analogue to digital has continued to accelerate throughout the logistics industry, in which volatility has become the norm, we are proud to help our customers leverage Loadsmarts technology to secure capacity and exceptional service," noted Ricardo Salgado, Loadsmart co-founder, and CEO.
"On the heels of Loadsmarts recent announcement of its multi-mode expansion, supporting less-than-truckload, partial and rail," Co-Founder and President Felipe Capella emphasized, we are a one-stop-shop for digital logistics execution. "BlackRocks support will be critical to consolidate our vision of offering end-to-end multimodal digital logistics services. We want to provide shippers and carriers with logistics solutions that are simple, instantaneous and integrated."